Washburn Accounting Inc

04/16/2026

My 19th tax season is finally over! Thank you to all of you who made it another successful year.....now it's time to recover. 🥱

02/04/2026

I was told if I’m going to have a page, I should probably post once in a while… so here are a few tax changes from the recent federal tax bill that may affect 2025 returns (filed in 2026):

Overtime pay
Certain overtime wages may receive favorable federal income tax treatment. Payroll taxes still apply, and eligibility is subject to limits and IRS guidance.

Tip income
Some tip income may qualify for partial federal income tax relief. Tips are still taxable and must be reported, but this change could benefit workers in tipped industries.

Vehicle loan interest
Interest paid on certain qualifying new American-assembled vehicles may now be deductible without itemizing, provided the vehicle, loan, and income limits meet the requirements.

These provisions are new, and IRS forms and instructions are still being updated. As always, the details matter.

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Washburn Accounting, Inc.

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