👉 No Tax on Overtime (up to $12,500) If you earn extra income from overtime, you may be able to deduct the amount of overtime compensation received during the taxable year, up to $12,500. 👉 No Tax on Tips (up to $25,000) For the first time ever, tip income can be tax-free—up to $25,000 if […]
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Temporary Deduction for Seniors
Beginning in tax year 2025, and continuing through 2028, individuals aged 65 or older by year-end may claim a new deduction of $6,000. On a joint return, each spouse may qualify, allowing for up to $12,000 in total deductions if both meet the age requirement (subject to IRS limitations and phaseouts). Easy Tax Service in […]
New Tax Rules for Gambling Losses
Beginning in 2026, the tax rules for gambling losses are more restrictive. 👉 New Cap on Gambling Losses First, taxpayers may deduct only 90% of their yearly gambling losses. Second, those deductible losses cannot exceed total gambling winnings, maintaining a key restriction from prior law. For instance, if a taxpayer has $10,000 in losses and […]
Tax Breaks (and Risks!) for Students
If you’re in school, just started working, or learning a trade, the tax code can help to lower the cost of education and training. Here are a few relevant items to keep in mind: 👉 Education Credits Apply to More Than Just College The American Opportunity Credit and Lifetime Learning Credit aren’t just for traditional […]
New Health Savings Account (HSA) Improvements
If you have a Health Savings Account (HSA), or are considering getting one, there are some quiet but powerful upgrades put into place in the so-called “One, Big, Beautiful Bill.” The main benefit of an HSA is that you can get a tax deduction for contributing to the account, and then you can let the […]