Taxtime LLP

04/15/2026

03/05/2026

Yep..

03/05/2026

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01/28/2026

Deduction for Seniors

New deduction: Effective for 2025 through 2028, individuals who are age 65 and older may claim an additional deduction of $6,000.

This new deduction is in addition to the current additional standard deduction for seniors under existing law.

The $6,000 senior deduction is per eligible individual (i.e., $12,000 total for a married couple where both spouses qualify).

Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).

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01/28/2026

New Deduction: "No Tax on Car Loan Interest”

Effective for 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle, provided the vehicle is purchased for personal use and meets other eligibility criteria. (Lease payments do not qualify.)
▪️Maximum annual deduction is $10,000.
▪️Deduction phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers).

Qualified interest: To qualify for the deduction, the interest must be paid on a loan that is:

📍 Purchase originated after December 31, 2024,

📌 Loan used to purchase a vehicle, the original use of which starts with the taxpayer (used vehicles do not qualify),

▪️ It is for a personal use vehicle (not for business or commercial use) and secured by a lien on the vehicle.

If a qualifying vehicle loan is later refinanced, interest paid on the refinanced amount is generally eligible for the deduction

**Qualified vehicle: A qualified vehicle is a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle weight rating of less than 14,000 pounds, and that has undergone final assembly in the United States.

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01/28/2026

No Tax on Tips:
This new tax law permits certain workers to deduct up to $25,000 in qualified tips from their federal taxable income.

The deduction phases out for single-filing taxpayers with modified adjusted gross income (MAGI) over $150,000 and joint filers with MAGI over $300,000.

The deduction is in effect for tax years 2025 through 2028.

This provision calls for some income from certain tips not to be federally taxed, though it comes with some conditions. Here's whose tips may be exempt from federal tax, and how much won't be taxed—plus details on claiming this deduction on your tax return.
If you are employed in an occupation considered eligible by the IRS and Treasury Department, you can deduct up to $25,000 in qualified, voluntary tips (those not part of a mandatory service charge) from your gross income.

No Tax on Tips is not only for cash tips. No Tax on Tips applies to any gratuities received voluntarily, whether they're charged on a credit card, given in cash, or doled out as part of a shared tip pool.

What workers are eligible to claim No Tax on Tips?

Nearly 70 types of jobs in 8 categories are eligible for the No Tax on Tips deduction, follow the link below for the information.

https://home.treasury.gov/system/files/136/Tipped-Occupations-Detailed-8-27-2025.pdf

Occupations that don't qualify for the deduction include those in health, performing arts, and athletics. That's at least partly because those professionals are not considered to "regularly and customarily receive tips," according to the government.

01/28/2026

"No Tax on Overtime” allows workers to deduct up to $12,500 (or $25,000 for joint filers) of qualified overtime pay on their federal income tax return.
The law is currently in effect for tax years 2025 through 2028

The No Tax on Overtime deduction starts to phase out for single filers with a MAGI of $150,000 or higher ($300,000 for joint filers). The deduction is reduced by $100 for every $1,000 above those thresholds. Single filers whose MAGI is $275,000 or above—or $550,000 or higher for married couples filing jointly—are not eligible for any part of the No Tax on Overtime deduction.

Many workers who log overtime hours qualify for No Tax on Overtime. Here are the types of workers who qualify for this new tax deduction:

Non-exempt employees

Workers must be non-exempt, meaning they’re eligible for overtime pay, and receive a W-2 or 1099. Non-exempt employees are often hourly workers, but the Department of Labor considers some salaried employees earning under $684 per week to be non-exempt as well.

The deduction is not available to married couples who file separate tax returns. Married couples must file jointly to claim the No Tax on Overtime deduction.

Your W2 should show the overtime pay that is included in your wages or obtained a report from your employer.

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01/15/2026

The Parental Choice Tax Credit application is available Jan. 15 at 12:01 a.m mountain time. Log into TAP and click Parental Choice Tax Credit Dashboard on the Individual Income Tax panel.

If you have not created an account you can do so here: https://idahotap.gentax.com/TAP/_/ #4

A Parental Choice Tax Credit (PCTC) is:
a state-sponsored program, offering refundable tax credits to families for private education expenses like tuition, fees, tutoring, materials, and tests for K-12 students, functioning as a form of school choice to help offset costs for nonpublic education. It provides up to $5,000 per student (more for disabilities), helping families use tax money for diverse learning settings like private schools, microschools, or learning pods.

How it Works:
Qualifying Expenses: Covers private school tuition, fees, tutoring, textbooks, curriculum, standardized test fees, and transportation to educational facilities.
Credit Amount: Up to $5,000 per student, or $7,500 for students with disabilities.
Refundable: If the credit exceeds the tax owed, the family receives the difference as a refund, providing direct financial relief.
Application: Families must apply through their state's tax portal (like Idaho's My School Choice) during specific windows (e.g., January 15-March 15 in Idaho).
Income Limits: Eligibility often includes income caps, such as 300% of the federal poverty level in Idaho.

Key Features

School Choice: Supports families choosing options outside traditional public schools, including private schools, homeschooling (via materials), microschools, and learning pods.