01/05/2026
📌 2026 Tax Year – What You Need to Know (Quick Update)
• Tips & overtime are NOT fully tax-free
• New temporary deductions apply (2025–2028)
✅ Tips deduction
• Up to $25,000
• Qualified jobs only (Treasury list)
• Phases out over $150,000 income
✅ Overtime deduction
• Up to $12,500 (single)
• Up to $25,000 (married filing jointly)
• Income phase-out starts at $150,000
• SSN required
✅ Seniors (65+)
• Extra $6,000 deduction
• Income must be $75,000 or less
🚗 Car loan interest
• Up to $10,000 deductible
• Vehicle must be assembled in the U.S.
👨👩👧 Child Tax Credit
• Increased to $2,200 per child
⚠️ Important:
These benefits reduce taxable income only (payroll taxes still apply) and are temporary through 2028.
Tax season starts Jan. 27 this year. It's time to to file your tax return. Take a look at all your filing options on the website to make the choice that's right for you. You can choose free filing options like Free File or Direct File, work with a tax professional or choose from many other ways to file. Whatever you choose--it's helpful to plan ahead. We have enhanced features on our website to help answer your questions any time of day or night.
Get started at https://ow.ly/sVTm50UEwQN.