01/10/2026
Good evening everyone!!! It is that time again. The IRS officially season has begun. Returns will be accepted starting on January 27, 2026 Wow..2026 already.... time sure flies
Please be prepared and have all of your documents together so you can get your maximum refund this year. There have been changes made due to the One Big Beautiful Bill. Please read everything. Every day over the next week, ai will be sharing with you a portion of the new deductions for 2025
Deduction for individuals who purchased cars in 2025
1. A new tax deduction, effective in 2025, allows eligible individuals to deduct up to $10,000 annually for interest paid on loans for new personal vehicles. There are specifics for this credit. It has to be purchased in 2025 and it has to be an American made car manufactured here in the United States.
Seniors - increase in the standard deduction
2. New Senior Deduction (2025-2028):
A new, additional deduction of $6,000 is available for each qualifying individual age 65 and older, which can be taken whether you use the standard deduction or itemize your deductions. This deduction has Modified Adjusted Gross Income (MAGI) phase-out ranges, starting at $75,000 for single filers and $150,000 for joint filers.
Deductions for individuals who earned tips
3. For the 2025 tax year, eligible workers can claim a federal income tax deduction of up to $25,000 for qualified tips. This deduction is a result of the "One Big Beautiful Bill" Act signed into law in July 2025 and is available for tax years 2025 through 2028.
Tomorrow, I will share with you some more of the new changes/deductions from the One Big Beautiful Bill.
If you have any questions, please feel free to reach out via email, text, phone or message me here.
We are accepting new clients and look forward to working with you!!!