Legendary Tax Services

16/01/2026

14/01/2026

IRS’s new “No Tax on Car Loan Interest” deduction lets you subtract up to $10,000 in interest paid on loans for new vehicles. 

Here’s the simple breakdown for next year’s filing (2026 for 2025 taxes):

• What qualifies? New cars, SUVs, trucks, vans, or motorcycles (under 14,000 lbs GVWR) assembled in the US—for personal use only. No used rides, leases, or foreign-assembled ones. 

• Loan rules: Must start after Dec 31, 2024. Refinances can qualify too.

• How to claim: It’s an above-the-line deduction—no itemizing needed. Just report interest paid (lenders send a statement) and include the vehicle’s VIN on your return. 

• Limits: Caps at $10k/year. Phases out if your modified AGI tops $100k (single) or $200k (joint). 

If you bought a qualifying car this year, track that interest—could save you hundreds! 🚗💰

09/01/2026

2026 Tax Season officially opens on January 26.

The Internal Revenue Service will begin accepting and processing 2025 tax year returns.

According to the IRS News Release:

"This year, several new tax law provisions of the One, Big, Beautiful Bill become effective, which could impact federal taxes, credits and deductions.

Taxpayers have until Wednesday, April 15, 2026, to file their 2025 tax returns and pay any tax due. The IRS expects to receive about 164 million individual income tax returns this year, with most taxpayers filing electronically."

18/12/2025

🚨Important Taxes Information for 2026🚨

Standard deduction increases:
• Single: $16,100
• Head of Household: $24,150
• Married Filing Jointly: $32,200

Expanded benefits for seniors:
• Larger additional deductions for those 65+
• A new “senior bonus deduction” (up to $6,000 for individuals; $12,000 for couples)

Retirement contribution limits increase:
• 401(k), 403(b), 457 plans: $24,500
• IRAs: $7,500
• Higher HSA contribution limits

Time to revisit savings plans to ensure you maximize tax-advantaged space.

New deductions for specific groups:
• Tipped workers: deduction of up to $25,000 in qualified tip income
• Certain borrowers: potential deduction of auto-loan interest if qualifying criteria are met

17/11/2025

🤑🤑🤑

14/10/2025

💰IRS just dropped 2026 Tax Brackets, Slash Your Taxes with These Hacks Below 💸

37% — individual single taxpayers with incomes greater than $640,600 ($768,700 for married couples filing together)

35% — incomes over $256,225 ($512,450 for married couples filing together)

32% — incomes over $201,775 ($403,550 for married couples filing together)

24% — incomes over $105,700 ($211,400 for married couples filing together)

22% — incomes over $50,400 ($100,800 for married couples filing together)

Max Your 401(k): NEW limit $24,500 (up $1K from ’25). Pre-tax magic—could drop you a bracket & save thousands (e.g., $5K+ if near 24% edge). Catch-up for 50+: $7,500 more!

• HSA Power-Up: Contribute up to $4,400 (self) or $8,750 (family)—triple tax-free (deduct, grow, withdraw for medical). Pair with high-deductible plan for max savings.

• Traditional IRA Deduction: Stash $7,500 (up $500)—deduct now if eligible (income limits apply; check Roth for alternatives). Age 50+? Add $1K catch-up.

• Charity Boost: Donate to causes—itemize if over standard deduction ($16,100 single/$32,200 joint). Bunch gifts into one year to qualify & slash taxable income.

09/10/2025

2026 Tax Brackets are out‼️

The IRS on Thursday announced adjustments to the federal income tax brackets and standard deductions for 2026.

11/09/2025

We will always remember 💔

13/08/2025

🚗✨ Exciting News: No Tax on Car Loan Interest! 🌟
Starting 2025 through 2028, you can deduct interest paid on loans for purchasing a qualified personal vehicle! 🚙💰 Here’s what you need to know:
Deduction Details: Maximum annual deduction of $10,000.
Income Limits: Phases out for those with modified adjusted gross income over $100,000 (or $200,000 for joint filers). 💼
Eligibility Criteria:
The loan originated after December 31, 2024. 📅
Applies only to new vehicles purchased for personal use (not business/commercial).
Vehicle must be secured by a lien and the original use starts with the taxpayer.
Note: Lease payments and used vehicles do not qualify.