01/09/2026
Just an staffing update in our office. Gina Lewis who many of you have come to know and love as your preparer left us in June this past year. She has decided to pursue other interests and we wish her well in the future. Amanda Dehaven, who has been with us for the past three years where she has been assisting both Gina and I with our dropped off taxes, walk-ins and has even set with some of you in the past. She has a background in bookkeeping and taxes, is very capable and very personable. Therefore, Amanda will be taking over Gina's clients. I know the prospect of a new preparer is scary for some, but I am only one person and can only see so many folks on my own, but rest assured that when you come to our office, any questions or concerns can certainly be directed to me during your visit. I would greatly appreciate your consideration with regard to your new preparer, I think you'll like her.
Also, new to taxes this year, The Big Beautiful Bill.
NO TAX ON TIPS: For 2025 through 2028 tax years. The maximum annual deduction is $25,000, for S/E individuals the deduction may not exceed the net income, this deduction phases out with adjusted gross incomes for single $150,000 ($300,000 for joint filers).
NO TAX ON OVERTIME: For 2025 through 2028 tax years. The maximum annual deduction is $12,500 ($25,000 for joint filers) this deduction phases out with adjusted gross incomes for single $150,000 ($300,000 for joint filers). Example: If your regular pay rate is say $20 per hour, you half-time rate is $10 or $30 per hour if you work over 40 hours. Now lets say you worked 45 hours. You would be paid for 45 hours at your regular $20 rate or $900 and 5 hours at your overtime rate of $10 or $50. This is the non-taxable amount. This deduction is available for both itemizing and non-itemizing taxpayers.
NO TAX ON CAR LOAN INTEREST: For 2025 through 2028 tax years. The maximum annual deduction is $10,000 Individuals may deduct interest paid on a loan used to purchase a qualified vehicle provided the vehicle is purchase for personal use and meets other eligibility criteria, (Lease payments do not apply) this deduction phases out with adjusted gross incomes for single $100,000 ($200,000 for joint filers). In order to qualify the interest must be paid on a loan originated after December 31, 2024, the original use must begin with the taxpayer (used vehicles do not qualify) must be for personal use only and loan must be secured by a lien on the vehicle. A qualified vehicle is a car, van, minivan, SUV, pick-up truck, or motorcycle with a gross vehicle rating of less than 14,000 pounds and that has undergone final assembly in the United States. Taxpayer must provide the VIN # for any year this deduction is claimed. Your lending institution should provide you with a statement of interest paid during the taxable year. This deduction is available for both itemizing and non-itemizing taxpayers.
DEDUCTION FOR SENIORS: For 2025 through 2028 tax years. The maximum annual deduction is $6000 ($12,000 for joint filers if both qualify) this deduction phases out with adjusted gross incomes for single $75,000 ($150,000 for joint filers). This deduction is in addition to the standard deduction. This deduction is available for both itemizing and non-itemizing taxpayers. To qualify the individual must have reached the age of 65 on or before the last day of the taxable year. If the qualifying individuals are married they must file jointly to claim the deduction.
Wow... Lots of new stuff. If any of these apply to you be sure to bring the required documents with you to expedite processing your taxes.
Lastly, in closing. I hope you all had a wonderful holiday season and that we all find 2026 to be the best yet. Take care and God bless you and yours.
See you soon,
Barbara C. Singhas
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