Recent Updates to Tax Law
No Tax On Tips
Workers in occupations that customarily and regularly receive tips may be able to deduct up to $25,000 in qualified tips each year.
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No Tax on Overtime
Workers who earn overtime may deduct the overtime premium portion of their pay, the “extra half” in “time‑and‑a‑half.”
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No Tax on Car Loan Interest
Taxpayers who purchase a new vehicle in 2025 or later may deduct up to $10,000 of interest paid on their auto loan each year.
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New Senior Deduction
Taxpayers age 65 or older may claim an additional $6,000 deduction beginning in 2025
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