Texas FinServ Inc

01/18/2026

Cheat Sheet: Key Tax Changes for Tax Year 2025
You can include this section in your email under the "What’s New for 2025" header.

1. New "Personal" Car Loan Interest Deduction
The Change: For the first time in years, you may be able to deduct interest on a personal vehicle.

The Rules:

Applies to NEW car loans originated after Dec 31, 2024.

Limit: You can deduct up to $10,000 of interest.

Phase-out: This deduction begins to phase out if your Modified Adjusted Gross Income (MAGI) exceeds $100,000 (Single) or $200,000 (Married Filing Jointly).

Note for Business Owners: This is separate from the standard business vehicle interest deduction, which remains fully deductible for the business-use percentage of the vehicle.

2. SALT Cap Increase (State & Local Tax)
The Change: The "SALT Cap" (which limits how much property and state income tax you can write off) has increased significantly.

New Limit: $40,000 (up from the previous $10,000 cap).

Impact: If you own a home in a high-property-tax area or pay significant state income taxes, itemizing your deductions might now be better than taking the Standard Deduction.

3. Standard Deduction (Inflation Adjusted)
If you do not itemize, the new standard deduction amounts for 2025 are:

Married Filing Jointly: ~$31,500

Single / Married Filing Separately: ~$15,750

Head of Household: ~$23,625

4. Tax Brackets & Rates (2025 Tax Year)
Income thresholds have shifted up due to inflation. Here is where the breaks generally fall for Married Filing Jointly:

10%: Income up to ~$23,850

12%: Income up to ~$96,950

22%: Income up to ~$206,700

24%: Income up to ~$395,100

32%: Income up to ~$501,600

35%: Income up to ~$751,600

37%: Income above ~$751,600

5. Business Vehicle Depreciation (Bonus Depreciation)
The Change: While Bonus Depreciation was scheduled to phase down to 40%, new provisions have reinstated 100% Bonus Depreciation for qualifying business vehicles purchased and placed in service after January 19, 2025.

Impact: If you bought a heavy SUV (over 6,000 lbs GVWR) for your business last year, we can likely write off the entire cost in one year again.

Call now to connect with business.

01/06/2026

Prepare to file in 2026: Get Ready for tax season with key updates, essential tips

IR-2026-01, Jan 6, 2026

WASHINGTON — With the 2026 filing season quickly approaching, the Internal Revenue Service is urging taxpayers to take a few simple steps now to prepare for filing their 2025 federal income tax returns. Visit Get Ready on IRS.gov for checklists, updates and no-cost filing options.

One of the most important steps taxpayers can take is to access their IRS Individual Online Account. IRS Individual Online Accounts are available 24/7, to view account information, make payments, manage communication preferences and protect tax information.

Use direct deposit

Due to the presidential executive order, Modernizing Payments To and From America’s Bank Account the IRS is phasing out paper tax refund checks. The IRS encourages taxpayers who do not have a bank account to open one so they can receive refunds by direct deposit.

Review new 2025 tax law changes

Recent legislation, such as the provisions in the One, Big, Beautiful Bill, includes several new deductions and credits that may reduce tax bills or increase refunds. Beginning in 2025, to be eligible to claim certain credits for other dependents, the taxpayer and their spouse, if filing jointly, must have valid Social Security numbers or Individual Taxpayer Identification Numbers issued on or before the due date of their returns (including extensions).

New Trump Accounts for eligible children

Parents, guardians and other authorized individuals will be able to open Trump Accounts, a new retirement savings vehicle for children under the age of 18 with a valid SSN. A pilot program contribution of $1,000 will be available for children who are U.S. citizens and born from Jan. 1, 2025, to Dec. 31, 2028. Visit trumpaccounts.gov for details.

Income from payment apps and online sales

All income from part-time work, gig activities or sales of goods and services is taxable. Form 1099-K, Payment Card and Third Party Network Transactions, will be issued by payment card companies for any amount and by payment apps and online marketplaces when payments exceed $20,000 and more than 200 transactions occur for the year.

Digital assets reporting requirements

Taxpayers who bought, sold or received digital assets, including cryptocurrency, stablecoins or NFT, must report those transactions. Some taxpayers may receive Form 1099-DA from brokers. Regardless, all taxpayers must answer the digital asset question on Form 1040 and report any related income, gains, or losses. Visit Digital Assets for more information.

Get ready now

Take a few steps today, reviewing tax law changes, gathering documents and using online tools, to help ensure a smoother less stressful experience when filing taxes in 2026.

Trump Accounts provide eligible American children with tax-advantaged investment accounts courtesy of President Donald J. Trump.

01/01/2026

11/24/2025

2025 No Tax on Tips & Overtime Deductions – IRS Guidance Released.

No Tax on Tips Deduction – Up to $25,000 per year (must be verifiable via W-2, logs, or Form 4137)
No Tax on Overtime Deduction – Up to $12,500 per year ($25,000 joint; only the premium portion — usually ~1/3 of total overtime pay)
Phase-Out: Begins at $150,000 MAGI (single) / $300,000 MAGI (joint)

Waiter: $18,000 W-2 tips → Deduct $18,000
Bartender: $15,000 W-2 + $4,000 Form 4137 → Deduct up to $19,000
Self-employed guide: $7,000 from tip logs → Deduct $7,000

Standard overtime premium shown: $5,000 → Deduct $5,000
Total overtime $15,000 → Deduct only ~$5,000 premium (1/3)
Law enforcement 14-day period $15,000 → Deduct $5,000 (1/3)

03/30/2025

Wishing you an Eid filled with love, light, and prosperity! 🌙✨
May your celebrations be as bright as this lantern.
Eid Mubarak! 🕌💙

01/18/2025

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01/14/2025

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01/10/2025

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01/08/2025

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01/07/2025

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