01/11/2026
🔥🔥🔥 IMPORTANT THINGS TO KNOW WHEN FILING 2025 TAXES 🔥🔥🔥
1️⃣ Child Tax Credit 👶
Increased from $2,000 to $2,200 for each child under 17 years old.
2️⃣ Trump Account 🇺🇸💰
Children born between 2025–2028 will receive $1,000 into a retirement fund called the “Trump Account.”
3️⃣ No Tax on Tips 💵🍽️
- If you work in the service industry with tips, pay attention to box 14 on W-2. Employers must separate tips and enter them here, or attach a report of your tip income.
- Tips are exempt from federal income tax up to $25,000/year, only for tips voluntarily paid by customers.
- Service charges / auto-gratuity added by the employer to the bill are not tax-exempt.
- If you receive a 1099, the employer does not need to separate tips; you can calculate them yourself.
4️⃣ No Tax on Overtime Pay ⏱️💼
The extra 0.5 pay for overtime work is tax-exempt (up to $12,500 Single / $25,000 Married).
Applies to income under $150k (Single) or $300k (Married).
5️⃣ Standard Deduction 📊
Single: $15,750
Married: $31,500
Head of Household: $23,625
6️⃣ Additional Deduction for Seniors (65+) 👵👴❤️
In addition to the Standard Deduction, those over 65 get an extra $6,000/person (up to $12,000 for couples).
7️⃣ State and Local Tax (SALT) Deduction 🏠📈
Increased from $10,000 to $40,000.
8️⃣ Car Loan Interest Deduction 🚘🇺🇸
Interest on personal car loans is deductible up to $10,000, but the car must be new and manufactured in the USA.
9️⃣ Mortgage Insurance Premium (PMI) Deduction 🏡🔑
PMI is once again tax-deductible.
🔟 Refunds 💳🏦
This year, IRS will only send refunds via direct deposit.
- If you don’t have a bank account, refunds will be sent via Debit Card, which may take longer.
Mindy Doan, CPA, MBA, APC
☎️ 714-468-7890
📩 [email protected]
🎯 8851 Garden Grove Blvd #103, Garden Grove CA 92844
