Changelog
Follow up on the latest improvements and updates.
RSS
We're excited to announce Version 2.1.85, featuring comprehensive updates to reflect the One Big Beautiful Bill Act (OBBB) changes effective for 2025. This major update ensures your tax strategies and calculations are aligned with the latest tax legislation, providing you with accurate guidance for the new tax year.
New Improvements
Itemized Deductions Enhancements
We've completely updated our itemized deductions feature to reflect OBBB changes, including updated data models, instructions, and calculations. Key improvements include:
- Expanded SALT Cap:Updated to reflect the new $40,000 cap ($20,000 for married filing separately) with income-based phaseout for high earners
- Senior bonus enhancement:Taxpayers age 65 and older can claim an additional $6,000 deduction for singles or $12,000 for married couples where both spouses qualify.
- Additional Deduction Items:Added support for ponzi scheme losses and other expanded deduction categories
- Top Bracket Cap:Implementation of the 35% effective rate cap for high-income taxpayers
OBBB Custom Strategy Updates
Multiple tax strategies have been updated with OBBB compliance badges and enhanced descriptions:
- 529 Plan– Updated to reflect the increased annual cap for K-12 withdrawals from $10,000 to $20,000 per year and student. Enhanced qualified K-12 expenses now include tuition, books, instructional and online education materials, professional tutoring, standardized exam fees, and learning therapies for students with disabilities
- Bonus Depreciation– Updated to reflect the OBBB's permanent restoration of 100% bonus depreciation for qualified property acquired and placed in service after January 19, 2025
- Cost Segregation– Updated descriptions and qualification criteria, including enhanced guidance incorporating the bonus depreciation changes
- De Minimis Benefits– Updated criteria reflecting that Form 1099-K must only be issued if total payments to a recipient exceed $20,000 and 200 transactions per year
- Section 179 Expensing– Updated to reflect the OBBB's permanent increase of the Section 179 deduction limit from $1.25 million to $2.5 million for 2025, with the phaseout threshold increased to $4 million and deduction fully eliminated at $6.5 million
Added OBBB badges and guidance banner for
- Child Tax Credit
- Clean Vehicle Credit (Individual & Business)
- No Tax on Car Loan Interest
- No Tax on Overtime
- No Tax on Tips
Bug Fixes
- SALT Cap Calculation: Fixed itemized deductions to properly limit state and local taxes for Married Filing Separately status
- Gambling Income Recording: Resolved accuracy issues with gambling income documentation
- Spouse Data Integration: Corrected itemized deductions calculations to properly include spouse information
- Age Display Logic: Fixed display issue where age now correctly shows 0 when no input data is available
- IRC References: Resolved missing Internal Revenue Code sections and regulations display
These updates ensure you're fully equipped to navigate the 2025 tax landscape with confidence. As always, we appreciate your feedback and are committed to keeping Instead at the forefront of tax planning technology!
We're excited to announce version 2.1.83, featuring critical updates to ensure your tax planning remains accurate with the latest legislative changes. Our team has implemented comprehensive updates to reflect OBBB (One Big Beautiful Bill) modifications across multiple tax strategies.
New Improvements
Child Tax Credit Updates:
Updated calculations to reflect OBBB (One Big Beautiful Bill) changes for accurate tax planning. - Permanent $2,200 CTC locks in the TCJA's $2,200-per-child credit permanently with no 2026 expiration.
- Stricter SSN rules now require Social Security Numbers for taxpayer, spouse, and child, with SSNs issued before the tax filing deadline as ITINs no longer qualify.
- The refundable portion allows up to $1,400 of the credit to adjust yearly for inflation starting in 2025, with permanent income phaseout of $200,000 and $400,000 for joint returns.
Clean Vehicle Credit Individual Enhancements:
Incorporated OBBB modifications for updated individual clean vehicle tax credit calculations. - The termination of previously-owned Clean Vehicle Credit means the $4,000 tax credit for buying a pre-owned electric vehicle will no longer be available after September 30, 2025, originally set to expire in 2032.
- The $7,500 tax credit for new electric vehicles expires early on September 30, 2025, originally scheduled for 2032. No credits will be available for 2026+ purchases of used EVs.
Clean Vehicle Credit Business Improvements:
Incorporated OBBB modifications for updated individual clean vehicle tax credit calculations. - The termination of previously-owned Clean Vehicle Credit means the $4,000 tax credit for buying a pre-owned electric vehicle will no longer be available after September 30, 2025, originally set to expire in 2032.
- The $7,500 tax credit for new electric vehicles expires early on September 30, 2025, originally scheduled for 2032. No credits will be available for 2026+ purchases of used EVs.
Bug Fixes
- Qualified Educational Assistance Program Fix:Resolved calculation error that was affecting the accuracy of educational assistance benefit calculations.
- QSBS Empowerment Zone Support:Updated Qualified Small Business Stock calculations to include empowerment zone rates for comprehensive tax planning, ensuring all eligible rate variations are properly accounted for.
These updates ensure your tax strategies remain compliant with the latest federal regulations while providing the most accurate calculations for your clients. We are committed to continuously improving your experience and appreciate your feedback. Stay tuned for more updates!
We're excited to announce the latest version of our platform, introducing two powerful new tax strategies that are part of the OBBB (One Big Beautiful Bill) strategies introduced by the US government. These strategies help service workers and hourly employees maximize their tax savings and are designed to support workers in tip-dependent and overtime-heavy industries by providing significant tax relief opportunities.
New Features
No Tax on Tips Strategy
We're pleased to introduce the No Tax on Tips Tax Strategy, designed to help service workers calculate potential savings from the proposed elimination of taxes on tip income.
- Real-Time Tip Recording: Recorded tips on a real-time basis, thus providing relief from the burden of having to recollect tip information at the end of the year.
- Tip Income Deduction: Calculate deductions on tip income up to $25,000 from taxable income, allowing service workers to keep more of what they earn from customer gratuities.
- Universal Access: This deduction is available to both itemizers and non-itemizers, providing broad tax relief for tip-dependent workers.
- Service Industry Focus: The strategy recognizes that tips are often unpredictable income and reduces the tax burden specifically on service industry earnings.
No Tax on Overtime Strategy
We're also launching the No Tax on Overtime Tax Strategy, enabling workers to estimate tax savings from the proposed elimination of taxes on overtime pay.
- Comprehensive Tracking: Wages, work hours, and overtime hours can be tracked weekly, monthly, quarterly, and annually, making it easy to get real-time data on tax savings and helping make informed overtime planning decisions.
- Overtime Premium Deduction: Deduct the premium portion of overtime pay up to $25,000 from taxable income, making overtime work more financially rewarding.
- Filing Status Support: The strategy includes comprehensive filing status support to ensure accurate calculations for all taxpayers.
- Enhanced Work Incentive: Turns additional work effort into both higher take-home pay and reduced tax liability, benefiting hardworking employees.
- Non-Itemizer Friendly: Available even to non-itemizers, providing direct tax relief for those putting in extra hours.
We hope these new strategies provide valuable tax planning opportunities for your service industry and hourly worker clients. As always, we are committed to continuously improving your experience and appreciate your feedback. Stay tuned for more updates!
We are excited to announce Version 2.1.78, introducing a powerful new tax deduction strategy from the One Big Beautiful Bill and important security enhancements to protect your firm and client data.
New Features
No Tax on Car Loan Interest Strategy
We're pleased to introduce the No Tax on Car Loan Interest Strategy, a new deduction opportunity from the One Big Beautiful Bill legislation. This strategy allows taxpayers to claim deductions on qualifying vehicle purchases:
- Vehicle Requirements:Purchase must be a new vehicle with final assembly in the United States
- Loan Timing:Loan origination date must be after December 31st, 2024
- Deduction Limit:Interest paid on qualifying loans can be claimed as a deduction up to $10,000
- Streamlined Process:Track and calculate your eligible interest deductions directly within the platform
This new strategy provides significant savings opportunities for clients making qualifying vehicle purchases under the new legislation.
Security Enhancements
We've strengthened platform security with two important new features:
- OTP Verification:Enhanced account security now requires email verification when users change their email address or password, adding an extra layer of protection against unauthorized access.
- Firm Complex Password Requirements:Firms can now require complex passwords for all users invited to their workspace, ensuring stronger account security across your organization. This feature is available upon request - contact our support team to enable it for your firm.
We hope these updates enhance both your tax planning capabilities and platform security. As always, we are committed to continuously improving your experience and appreciate your feedback. Stay tuned for more updates!
We're excited to announce Version 2.1.74, which enhances your chat experience with expanded knowledge capabilities and resolves an important transaction import issue.
New Features
- OBBB Chat Knowledge:You can now ask chat questions about OBBB (One Big Beautiful Bill), expanding the platform's conversational intelligence to help you navigate this recent legislation and its tax implications more effectively.
Bug Fixes
- Transaction Import Fix:Resolved an issue where pending transactions were incorrectly included during imports in the StrategyImportRecord component. The system now properly excludes pending transactions, ensuring cleaner and more accurate data imports.
We hope these updates improve your workflow and provide better support for your tax planning needs. As always, we appreciate your feedback and are committed to continuous improvement. Stay tuned for more updates!
We are excited to announce the release of Version 2.1.71, featuring a powerful new tax strategy and important bug fixes to enhance your client experience.
New Features
New Tax Strategy: QSBS (Qualified Small Business Stock)
We're pleased to introduce the QSBS Tax Strategy, designed to help your clients maximize tax savings on small business investments. See it live in the product here!
- Investment Qualification:Determine if your client's small business stock qualifies under Section 1202 requirements, including the 5-year holding period and $50 million asset test.
- Tax Exclusion Calculation: Calculate potential tax savings on up to 10 times your cost basis in capital gains when selling qualified small business stock.
- Compliance Tracking: Monitor qualifying criteria including domestic C corporation status, active business operations, and industry eligibility requirements.
- Documentation Management: Store essential documents related to QSBS investments and maintain records for the required holding period.
- QSBS Memo Generation: Automatically generate comprehensive QSBS memos documenting the qualification analysis and tax benefits for your clients' records.
This strategy enables entrepreneurs and early investors to build significant tax-free wealth through successful small business ventures.
Bug Fixes
- Augusta Rule Strategy Links: Fixed an issue where rental rate guidance links were not displaying as clickable hyperlinks in the conversational interface, improving user navigation and access to resources.
We hope these updates enhance your ability to serve clients with complex investment scenarios. As always, we value your feedback and are committed to continuous improvement. Stay tuned for more exciting updates
We're pleased to announce version 2.1.71 of our platform, featuring an important new expense management capability and a key bug fix to improve your workflow efficiency.
New Features
- Import Expense Filter: Filter out expenses that have already been imported into the product on later imports. This feature automatically identifies and excludes previously imported expenses, ensuring you won't have duplicate instances of the same expenses cluttering your records.
Bug Fixes
- Report Firm Logo: Large firm logos no longer prevent report creation. Previously, having a large logo could stop the creation of reports, but this issue has been resolved to ensure smooth report generation regardless of your firm's logo size.
We hope these updates enhance your experience and streamline your expense management process. As always, we are committed to continuously improving your experience and appreciate your feedback. Stay tuned for more updates!
We're excited to announce Version 2.1.67, featuring a powerful new tax strategy and enhanced automation to streamline your tax planning workflow. This update introduces Tax Loss Harvesting and automatic expense categorization to help you maximize savings and reduce manual work.
New Features
Tax Loss Harvesting Strategy
We're pleased to introduce the Tax Loss Harvesting Tax Strategy, designed to help you strategically manage your investment portfolio for optimal tax benefits.
- Capital Gains Offset:Strategically identify loss-making investments to sell and offset your capital gains, reducing your overall tax liability.
- Investment Analysis:Analyze your portfolio to determine the most tax-efficient approach to realizing losses.
- Tax Savings Calculation:Calculate potential tax savings from implementing tax loss harvesting strategies.
- Strategic Planning:Plan the timing of investment sales to maximize tax benefits while maintaining your investment objectives.
Expense Auto Categorization
We've added intelligent automation to make expense management more efficient across all your tax strategies.
- Automatic Classification:Expenses imported via integrations are now automatically categorized, saving you valuable time on manual data entry.
- Universal Availability:This feature is available across all tax strategies that support expense integration.
- Improved Accuracy:Reduce categorization errors and ensure consistent expense classification throughout your tax planning process.
Improvements
- UI Enhancement:Updated icon sizes on buttons for improved visual consistency and user experience.
We hope these updates enhance your tax planning capabilities and streamline your workflow. As always, we are committed to continuously improving your experience and appreciate your feedback. Stay tuned for more updates!
We're excited to announce the latest update to our platform with enhanced interactive capabilities for tax return analysis. This update introduces powerful new functionality that allows you to refine and customize your tax analysis outputs in real-time, making your workflow more efficient and tailored to your specific needs.
New Features
Interactive Tax Return Analysis
You can now dynamically modify the output of your tax return analysis through conversational commands. Once you run the tax return analysis and receive the initial output, you can respond in the chat to make adjustments such as:
- Remove a Strategy: Eliminate strategies that aren't applicable to your client's situation
- Add a Strategy: Include additional tax strategies that should be considered
- Change Justification Wording: Modify specific language to match your client's requirements
- Toggle Recommendations: Switch recommendations from "not recommended" to "recommended" and vice versa
The updated analysis will be immediately available in your tax return analysis report, streamlining your review process and ensuring accuracy.
Improvements
- Enhanced Summary Clarity: The tax return analysis summary now provides more concise, focused information that highlights the specific details you need to know about the return.
- Streamlined Chat Interface: Cleaned up the chat window by removing the double chevron, creating a cleaner and more intuitive user experience.
- Key Financial Metrics: Important numbers from the tax return are now prominently displayed in the summary, giving you quick access to critical financial data.
We hope these updates significantly enhance your tax analysis workflow and provide greater control over your client deliverables. As always, we are committed to continuously improving your experience and appreciate your feedback. Stay tuned for more updates!
We're excited to announce version 2.1.59 of our platform, bringing you four powerful new tax strategies and significant improvements to enhance your client service capabilities. This update expands your strategic toolkit while streamlining key workflows to make your tax planning process more efficient and comprehensive.
New Tax Strategies
- Itemized Deductions:Help your clients maximize their tax savings by strategically managing and optimizing their itemized deductions versus standard deduction options. Make sure to utilize the banking integrations to find hidden savings!
- Qualified Charitable Distribution:Navigate the complexities of QCDs from retirement accounts, enabling your clients aged 70½ and older to make tax-efficient charitable contributions directly from their IRAs.
- Child Roth IRA:Establish tax-free growth opportunities for your clients' children by setting up Roth IRAs funded with their earned income, creating long-term wealth-building strategies.
- Child Traditional IRA:Provide immediate tax deduction benefits while building retirement savings for your clients' children through traditional IRA contributions.
New Features and Improvements
- Print and Export Tax Strategies:You can now easily print or export tax strategies, making it simple to share detailed strategy information with clients or include in their files for documentation purposes.
- Flexible Client Invitation Process:Skip the client invitation step when needed, regardless of whether you've selected "client pays" or "firm pays" billing arrangements, providing more flexibility in your client onboarding workflow.
- Enhanced Entity Type Selection:Access the complete range of entity types in the taxpayer onboarding entity dropdown, ensuring you can accurately categorize all client business structures from the start.
Bug Fixes
- Custom Strategy Analysis Enhancement:Resolved limitations that previously prevented running tax return analysis on large numbers of custom strategies. You can now successfully analyze tax returns with over 100+ custom strategies applied.
- Tax Return Analysis Button:Fixed the "analyze a tax return" button functionality to properly open the chat interface, allowing seamless tax return document uploads.
- Updated Edit Icon:Replaced the edit icon with an improved version for better user experience and visual consistency.
We hope these updates significantly enhance your ability to serve your clients with comprehensive tax strategies and improved workflow efficiency. As always, we are committed to continuously improving your experience and appreciate your feedback. Stay tuned for more updates!
Load More
→