GP Taxes Plus, LLC

12/24/2025

12/23/2025

No tax on car loan interest (Section 70203)

Overview of the new deduction

Effective 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle for personal use that meets other eligibility criteria. Lease payments do not qualify.
Maximum annual deduction is $10,000.
Phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers).
What counts as qualified interest

Interest must be paid on a loan that:

Originated after December 31, 2024
Was used to purchase a vehicle originally used by the taxpayer
Was secured by a lien on the vehicle
Was for a personal-use (nonbusiness) vehicle
If a qualifying vehicle loan is later refinanced, interest paid on the refinanced amount is generally eligible for the deduction.

​​​What counts as a qualified vehicle

A qualified vehicle is a car, minivan, van, SUV, pickup truck or motorcycle that:

Has a gross vehicle weight rating of less than 14,000 pounds
Underwent final assembly in the United States.
To verify final assembly, check one of these:

The vehicle label at the dealership
The vehicle identification number (VIN)
The National Highway Traffic Safety Administration, NHTSA VIN Decoder (verify vehicle assembly location)
Who qualifies

Available to both itemizing and non-itemizing taxpayers.
You must include the VIN on your return for any year you claim the deduction.

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12/23/2025

No tax on tips (Section 70201)

Overview of the deduction

Effective 2025 through 2028, employees and self-employed individuals may deduct qualified tips they received in occupations the IRS identified as “customarily and regularly receiving tips” on or before December 31, 2024, and are reported on a Form W-2, Form 1099, another statement furnished to the individual, or on Form 4137 if the individual directly reports the tips.
“Qualified tips” include voluntary cash or charged tips received from customers, including shared tips.
Maximum annual deduction is $25,000.
For self-employed individuals, deduction cannot exceed net income (before this deduction) from the trade or business where tips were earned.
Phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).

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12/23/2025

Deduction for seniors (Section 70103)

Overview of the deduction

Effective 2025 through 2028, individuals age 65 and older may claim an additional $6,000 deduction.
This is in addition to the standard deduction for seniors available under existing law.
Applies per eligible individual (or $12,000 for a married couple if both spouses qualify).
Phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).

Who qualifies

You must be age 65 on or before the last day of the tax year.
Available for eligible taxpayers (both itemizing and non-itemizing).

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02/23/2025

We are Certifying Acceptance Agents (CAA).

What is an ITIN acceptance agent?
An ITIN Acceptance Agent is an individual, business or organization authorized by IRS to assist individuals in obtaining ITINs. Certifying Acceptance Agents (CAA) review applicants' documents and submit a completed Form W-7, along with a certificate of accuracy, copies of required documents, and tax return or exception documents to the IRS for processing. CAAs can authenticate all documents for primary and secondary applicants except foreign military identification cards.

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02/23/2025

If you receive an IRS notice or letter
We may send you a notice or letter if:

You have a balance due
Your refund has changed
We have a question about your return
We need to verify your identity
We changed or corrected your return
We’re delayed in processing your return
To get details on an IRS notice or letter, search for it by number or topic. You can find the CP or LTR number on the right corner of the letter.

02/23/2025

Incorrect information on how to get a bigger refund misleads you to claim credits you’re not eligible for. This leads to a delayed refund, audit or other consequences like fines or imprisonment.

Dishonest or uninformed tax preparers misrepresent rules for claiming credits. Aggressive advertising, mail and online sources mislead you to file an incorrect return. They charge large, upfront fees or a fee based on your refund amount.

Send a message to learn more

02/23/2025

Don’t trust a tax preparer who:

Doesn’t sign the return
Falsifies tax information
Puts your refund in their bank account
Requires you to pay in cash or doesn’t give you a receipt
IRS reminds taxpayers: Choose a tax professional carefully

02/23/2025

Tax scam warning signs
Scammers mislead you about tax refunds, credits and payments. They pressure you for personal, financial or employment information or money. IRS impersonators try to look like us.

Watch out for:

A big payday - If it sounds too good to be true, it probably is. Bad tax advice on social media may convince you to lie on tax forms or mislead you about credits you can claim.
Demands or threats - Impersonators want you to pay “now or else.” They threaten arrest or deportation. They don’t let you question or appeal the amount of tax you owe.
Website links - Odd or misspelled web links can take you to harmful sites instead of IRS.gov.

02/23/2025

Today, the Internal Revenue Service reminded taxpayers that choosing the right tax professional is essential to helping them avoid tax-related identity theft and financial harm.

10/07/2024

Evacuation orders will be called in some counties due to Hurricane .

Visit http://FloridaDisaster.org/Know to learn if your home is in an evacuation zone & NOW!

Visit http://FloridaDisaster.org/EvacuationOrders to see if your county is evacuating.

Evacuation Orders for Florida counties can be found below. For additional information, please visit your local Emergency Management website.

08/17/2024

https://join.robinhood.com/germanp80

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