If you have all of your tax forms – W-2s, 1099s and others – you can now file your federal and state income tax returns. There seems to be something new every year, and this year is no different. Richard Tullier, a CPA with Metairie-based accounting firm Wegmann Dazet, says those who make a good portion of their income in tips, like waiters and waitresses, are in for a huge tax break.
“You’re going to get to exclude up to $25,000 of income that’s related to tip earnings,” Tullier said.
Tullier says while Congress failed in its effort to make Social Security income tax-free, it did possibly the next best thing.
“Seniors are going to get a deduction of $6,000 each, and that goes up to if you have $150,000 in adjusted gross income,” Tullier explained.
Tullier says if you took out a loan for a new car in 2025, you get a tax deduction – as long as certain requirements are met.
“It allows a person to deduct the interest you pay on a car loan up to $10,000, so long as it’s a new vehicle with final assembly in the U.S.,” Tullier noted.
The tax deduction does not apply to used vehicles, and it does not apply to leases. And if your loan is 0% interest, you don’t get a tax deduction, because there’s no interest to deduct.