For tax year 2025 and after, there are big changes for individual and small business taxes. The changes include the following (which are subject to limitations and phaseouts):
- No tax on qualified tips
- No tax on qualified overtime
- Deduction for car loan interest on certain qualifying personal vehicles
- Eligible seniors 65 and older may claim a deduction of $6,000
- Increased child tax credits for qualifying individuals
- Increased estate and gift tax exemptions
- Increased state and local tax (SALT) deduction limit for individuals who itemize
- Increased business tax deductions including bonus depreciation for qualifying businesses
Easy Tax Service in Prescott Valley can help if you have any questions about tax changes for 2025. Our tax preparers have over fifty years of combined experience preparing taxes. Easy Tax Service is open year-round and committed to providing high-quality tax preparation service at a price you can afford. Please give us a call at 928-775-7000 to schedule an appointment today.