New Tax Info for 2025 and 2026

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Tip & Overtime  Income for 2025 Tax Return

As we prepare your 2025 tax return, please make sure we have complete details about any tips and overtime pay you earned this year. This helps ensure your return is accurate and avoids IRS issues later.

Here’s what we’ll need from you:

• Your W-2  forms from all employers
• Any records of cash or unreported tips (not shown on your W-2)
• Pay stubs or year-end earnings summaries showing overtime hours/pay

If you earned cash tips that weren’t reported to your employer, please total them for the year — we’ll help you include them properly on your return.

 More Information Affecting 2025 Tax Return: 

• Did you purchase a New Vehicle in 2025? Car Loan Interest may be deductible if      Final Assembly was in the USA, provide VIN # and Bill of Sale
• Did you purchase and Electric Vehicle Prior to 9/30/2025? After that date no credit for Electric      Vehicle are given
• Did you install Windows, Doors, Furnace or Air Conditioner? Starting in 2026 there is no longer a      credit for this
• Do you have a College Student? Provide the 1098T for your student in order to see if you qualify for a Credit.
• May be able to itemize deductions this year as the SALT has increased from $10,000 deduction to $40,000
• StandardDeduction Increases
• Adoption Credit
• Educators and Coaches keep      track of what you spend for the Classroom or as a Coach
• An added Bonus Deduction for Seniors 65 and older of $6000 if income is under $75,000 for single and under $150,000 for Married Couples

Information to Keep Track of for 2026: 

For Tax year 2026 if you are using the Standard Deduction you will be allowed an above the line Charitable deduction of up to $1000 for Single filers and up to $2000 for Married Filers, so keep you donation receipts!

Standard Deduction for Seniors 65 and older Standard Deduction is $18,150 for Single and $36,300 for Married plus the additional $6000 per person bonus deduction!

NO more Energy Credits for 2026

Gambling Losses will only be deductible at 90% of losses to the extent of gains

Flex Spending Plans Max Contribution amount is $3400 and you can carryover $680

Health Saving Account (HSA) Max Contribution amount is $4300 for Single and $8550 for Family plus if over 55 you can contribute an additional $1000 (You need to advise your tax preparer how much you personally deposited into the HSA and amount your Employer put into the plan if any)