Professional Accounting & Tax Services

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NEW FOR 2025: Special Deductions

1. Car Loan Interest Deduction

For 2025, you may be able to deduct up to $10,000 of interest paid on a vehicle loan, even if you take the standard deduction.

Did you buy a NEW vehicle in 2025? (Must be purchased after Dec 31, 2024).
Was it assembled in the USA? (We will need the VIN to verify final assembly location).
If so, please provide the year-end loan statement from your lender showing interest paid in 2025 and the vehicle’s VIN.

2. No Tax on Tips (Deduction)

If you work in a traditionally tipped occupation (e.g., hospitality, beauty services), up to $25,000 of your tip income may be deductible.

Did you receive tips in 2025?
Ensure the information needed is on your W2. If you kept a daily tip log or have records of tips not reported on your W-2, please provide those as well.

3. No Tax on Overtime (Deduction)

Certain overtime pay (time-and-a-half) required under the Fair Labor Standards Act is now deductible (capped at $12,500 for single filers, $25,000 for joint).

Did you work overtime in 2025?
Check your year-end pay stub or W-2 (Box 14) for a breakdown of "Overtime Pay." If it is not clearly listed, please ask your employer for a statement detailing your overtime hours and pay rate for the year.

4. SALT Cap Increase

The limit on deducting State and Local Taxes (SALT) has increased from $10,000 to $40,000 for this year.

Please ensure you provide all records of property taxes paid and state income taxes paid (or sales tax records if you made large purchases).

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