01/21/2026
Hello everyone one!!!
It is that time of year again.
It’s tax season!
There are a few different changes for 2025s tax year.
No tax on overtime! Those who worked over time in 2025, receive a bit of a break this year. Taxpayers are able to claim $12,500 ($25,000 for married filing joint) of qualifying overtime. In order to claim this deduction, you will need to proved supporting W2 or 1099NEC and your last pay stub of 2025.
No tax on tips!! Those who work normal tipped jobs, such as servers, bartenders and hairdressers qualify for up to $25,000 of tax free tips. In order to claim this deduction you will need to prove your W2 or 1099NEC and your last check stub.
$10,000 deduction on car loans! If you purchased a brand new car after December 31, 2024 you may qualify for a $10,000 deduction. This deduction is for some vehicles that were assembled in the US. In order to claim this deduction for qualifying vehicles, you must provide your last loan statement for 2025. There is a bit of information your tax preparer needs for this deduction.
The child tax credit has increased from $2,000 to $2,200.
As you receive those reporting forms, please reach out to C&R Tax to schedule your appointment, or drop those forms off.
Cant wait to see everyone!!
804-451-9260
Appointments Locally Family Owned Tax ServiceC&R Tax is your local family-owned tax business. Any of our tax professionals can help you navigate tax code. Come see us for all your tax needs! Learn More Contact Us9401 Courthouse Rd Suite 301Chesterfield, Va 23832www.crtaxllc.com(804)451-9260 Services...