11/04/2025
BLOG # 110425
New Tax Laws
FAMILIES
• Child Tax Credit & Dependent Care Credits Increased
• Standard Deduction Increased
RETIREES (65+)
• Additional Deduction Added on Top of Standard Deduction
HOMEOWNERS
• SALT Deduction Increased (from $10K → $40K
• Mortgage Insurance Premiums Now Deductible
HOSPITALITY WORKERS
• New Deduction for Tip Income
• 68 Occupations Qualify for the Tip Deduction
OVERTIME PAY
• New Deduction for Overtime Pay
AUTO DEDUCTIONS & CREDITS
• Deduction for Car Interest Expense—No Itemizing Required
• EV Credit Phase-out Begins
IRS Update: Paper Checks End September 30, 2025
The IRS has officially announced that starting September 30, 2025, paper tax refund checks will be phased out for individual taxpayers.
Why it matters: Every taxpayer must now choose an alternate disbursement method—direct deposit or a secure prepaid card—when filing. While the IRS will still process the return, tax refunds will be delayed until banking or card information is added.
"No Tax on Tips" Guidance
New IRS guidance defines which occupations are eligible for the “no tax on tips” deduction from the One, Big, Beautiful Bill. This allows certain hospitality and service industry workers to deduct qualified tips.
