New 2025 Tax Updates & Changes

No Tax on Overtime – Bring If Applicable

Payroll reports or pay stubs
Overtime premium breakdown (amount above regular pay)

No Tax on Tips – Bring If Applicable

W-2 showing reported tips
Employer tip summaries or statements

New Vehicle Loan Interest Deduction (OBBBA)

Loan statement showing interest paid in 2025
Vehicle purchase agreement
VIN and purchase date
Confirmation vehicle was purchased new

SALT Deduction Opportunity

The increased federal SALT (State and Local Tax) deduction limit under the OBBBA may allow you to itemize deductions again, even if you have taken the standard deduction for the last several years. Please bring your state and local tax and property tax records so we can determine the most beneficial filing method.

Important: Tips and overtime remain subject to Social Security and Medicare taxes. Vehicle interest deductions apply only to qualified new vehicle loans and may be limited by income. State tax treatment may differ. If you are unsure if a deduction is applicable to you, bring any documents that may help make a determination.

IRS Refund Delivery Update

Note: The IRS is moving away from issuing paper refund checks by mail. Refunds should be received via direct deposit whenever possible. For other refund delivery options (including alternatives if you do not have a bank account), please refer to the official IRS website for current guidance. IRS Website Link: https://www.irs.gov/newsroom/what-the-irs-phaseout-of-paper-checks-means-for-you