No Tax on Overtime
You do not have to itemize to take the deduction.
- For Tax Years 2025-2028
- Deduction up to $12,500 for Single and Head of Household filers. Up to $25,000 deduction for Married Filing Joint. No deduction for Married Filing Separately.
No Tax on Tips
You do not have to itemize to take the deduction.
- For Tax Years 2025-2028.
- Deduction up to $25,000 of certain tips received throughout the year. The tips must be voluntary. Those such automatic gratuities are not deductible.
Deduction for Car Loan Interest
You do not have to itemize to take the deduction.
- For Tax Years 2025-2028.
- The vehicle must be new, weigh under 14,000 pounds and have its final assembly in the U.S.
- The VIN must be provided on Schedule 1-A with Form 1040.
Social Security Taxability
Up to 85% of Social Security benefits can be taxable.
- Seniors 65 and older will receive and additional $6,000 deduction.
- For Tax Years 2025-2028.
