03/03/2026
March is here!!! Which means we are right in the middle of the "Tax Season" for the 2025 Tax Year (due April 15, 2026).
​📝 2026 Filing Guide (for 2025 Returns)
​Here are the essential numbers and new rules for the federal returns being filed this month:
​1. The "Big Three" New Deductions
​For the first time, these are available to reduce taxable income:
​No Tax on Tips: Workers can deduct up to $25,000 of qualified tip income.
​**No Tax on Overtime: Hourly workers can deduct up to $12,500 ($25,000 if married) of their overtime "premium" pay.
​Senior Bonus: Taxpayers age 65+ get an extra $6,000 deduction on top of the standard amount.
​2. Standard Deduction vs. Itemizing
​The SALT Cap (State and Local Tax) was recently raised from $10,000 to $40,000.
This is a game-changer for homeowners in high-tax states—many people who used to take the Standard Deduction should now check if Itemizing saves them more money.
​2025 Standard Deductions (The "Floor"):
​Single / Married Filing Separately: $15,750
​Married Filing Jointly: $31,500
​Head of Household: $23,625
​Income & The New Deductions: Lists W-2s, 1099-NEC/K, and the brand-new 1099-T (Tips, up to $25k deduction) and 1099-OT (Overtime, up to $12.5k deduction).
​Itemizing & SALT Relief: Includes mortgage interest and charitable records, alongside the new SALT Cap of $40,000.
​The "Senior Bonus": Explicitly calls out the extra $6,000 deduction for age 65+.
​USA Vehicle Interest: Highlights the requirement to find the VIN for the new deduction (up to $10,000 interest, for NEW make and models USA-assembled cars).
