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Tony Tax & Associates

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Valley Stream, NY
Tony Tax & Associates

Individual and Business tax returns, Tax Problem relief, Business filings - LLC, C CORP, S CORP, Partnership or Nonprofit and Real Estate consulting services.

08/25/2025

OBBBA Increased 2025 Standard Deduction Amounts

The recently enacted One Big Beautiful Bill Act (OBBBA) increased the standard deductions that people may claim on their 2025 tax returns above the levels previously announced by the IRS. Here are the new standard deduction amounts based on filing status:

Single or Married Filing Separately (MFS): $15,750, an increase of $1,150 from 2024

Head of Household: $23,625, an increase of $1,725 from 2024

Married Filing Jointly (MFJ) or Qualifying Surviving Spouse: $31,500, an increase of $2,300 from 2024

The OBBBA also increased the enhanced deduction available to people of age 65 or older. Watch for further details on that change and other new deductions in the coming weeks.

08/18/2025

Workplace Educational Assistance Programs and Student Loans

The IRS recently issued a reminder that employers may continue to use workplace educational assistance programs to help employees repay student loans through December 31, 2025. In general, employers may provide up to $5,250 of assistance per year to employees for qualifying education expenses, without those funds counting as taxable wages. In other words, employees may exclude the assistance from their reported gross income.

Traditionally, workplace educational assistance programs only cover current education expenses, such as tuition, books, and certain other required fees and course materials. However, a temporary provision currently in effect allows the programs to also cover repayment of qualifying student loans. This special provision will expire at the end of 2025, so those who wish to use tax-free educational assistance to repay loans should do so before January 1.

08/11/2025

One Big Beautiful Bill Act Creates New Tax Deductions – Did You Know? (3/3)

As a result of Congress enacting the 2025 One Big Beautiful Bill Act, many people will have the opportunity to claim new tax deductions over the next several years. These deductions will be available both to those who itemize deductions and those who use a standard deduction. One of the new deductions is offered exclusively to seniors, while another relates to interest on auto loans.

For tax years 2025 through 2028, eligible people of age 65 or older may claim a general deduction of up to $6,000 per year (up to $12,000 for joint filers). Note that you may claim this new deduction in addition to the enhanced standard deduction already available to seniors. However, seniors with modified adjusted gross incomes (MAGIs) above $75,000 (or $150,000 for joint filers) may not qualify for the deduction, or may receive a reduced deduction amount.

The car loan interest deduction will apply to auto loans initiated after December 31, 2024, along with certain auto loans refinanced after that date. In order to qualify for the deduction, the loan must be used to finance the purchase of a qualifying new (not used) vehicle. The maximum deduction amount is $10,000 per year, with the deduction phasing out for people with MAGIs above $100,000 (or $200,000 for joint filers).

The IRS will provide additional guidance on these deductions later this fall.

08/04/2025

One Big Beautiful Bill Act Creates New Tax Deductions – Did You Know? (2/3)

As a result of Congress enacting the 2025 One Big Beautiful Bill Act, many people will have the opportunity to claim new tax deductions over the next several years. These deductions will be available both to those who itemize deductions and those who use a standard deduction.

One of the new deductions relates to bonus pay that employees may receive for working overtime. In general, eligible employees may deduct overtime pay that exceeds their normal pay rate. For example, if employees ordinarily get paid $20/hour, but a $30/hour rate applies to their overtime work ("time and a half"), then up to $10/hour of their overtime earnings will be deductible. The maximum deduction amount will be $12,500 per year, or $25,000 for joint filers.

People with modified adjusted gross incomes (MAGIs) above $150,000 (or $300,000 for joint filers) may not qualify for this deduction, or may receive a reduced deduction amount. To be eligible for this special deduction, overtime pay must be reported by an employer on an official IRS document like Form W-2. The IRS will provide additional guidance on this deduction, including special transitional rules for 2025, later this fall.

07/28/2025

One Big Beautiful Bill Act Creates New Tax Deductions – Did You Know? (1/3)

As a result of Congress enacting the 2025 One Big Beautiful Bill Act, many people will have the opportunity to claim new tax deductions over the next several years. These deductions will be available both to those who itemize deductions and those who use a standard deduction.

One of the new deductions is for qualified tip income received in occupations where tipping is customary. The maximum deduction amount will be $25,000 per year, with a lower limit potentially applying for those who receive tips in the context of self-employment. People with modified adjusted gross incomes (MAGIs) above $150,000 (or $300,000 for joint filers) may not qualify for the deduction, or may receive a reduced deduction amount.

The IRS will release a detailed list of occupations that may be eligible for this new deduction sometime this fall. Only tips reported on an official tax document like Form W-2, 1099 or 4137 will qualify for the deduction. Therefore, tipped employees should continue submitting required monthly tip reports to their employers.

07/21/2025

Receiving Online Payments - Did You Know?

If you are self-employed and receive payments through online payment processing platforms, take care to separate business and personal transactions. You can do this by setting up separate business accounts on the platforms, or by using features that allow you to specify the purpose of payments. Otherwise, the platforms may overreport your income.

Address

70 East Sunrise Highway, Suite 500
Valley Stream, NY
11581

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm

Telephone

(718) 413-6126

Website

http://tonytaxassociates.com/

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