AMITY ACCOUNTING SERVICES LLC

Keywords: clean vehicle credit expiration, EV tax credit 2025, energy credit expiration The One Big Beautiful Bill accelerated the expiration of several popular energy‑related tax credits. Clean Vehicle Credit Expirations The following credits are not allowed for vehicles acquired after September 30, 2025 : New Clean Vehicle Credit (30D) Used Clean Vehicle Credit (25E) Commercial Clean Vehicle Credit (45W) If you’re considering an EV purchase, timing mattered . Home & Resid

Keywords: Trump Accounts, Working Families Tax Cuts, child investment accounts Trump Accounts are a new government‑supported investment account created to help families build long‑term savings for children. What Is a Trump Account? Established for eligible children Cannot be funded before July 4, 2026 Federal government contributes $1,000 once Annual contributions allowed up to $5,000 Employer Contributions Employers may contribute up to $2,500 per year Contributions are no

Keywords: HSA expansion 2025, telehealth HSA rules, bronze plan HSA eligibility The One Big Beautiful Bill significantly expanded HSA flexibility , making it easier for more people to qualify and use their accounts. Telehealth Before the Deductible (Permanent Rule) Starting with plan years on or after January 1, 2025 : You can use telehealth and remote care before meeting your deductible You can still contribute to an HSA This rule is now permanent This removes a major barr

Keywords: tax inflation adjustments 2026, standard deduction increase, IRS tax brackets 2026, estate tax exclusion 2026 Each year, the IRS adjusts tax limits for inflation. Under the One Big Beautiful Bill , those adjustments were expanded for 2025 and 2026 , impacting deductions, tax brackets, credits, and estate planning. Standard Deduction Increases For most taxpayers, this is the most noticeable change. Tax Year 2025 $31,500 — Married filing jointly $15,750 — Single / Ma

Keywords: senior tax deduction 2025, over 65 tax deduction, IRS senior tax benefits Taxpayers age 65 or older may qualify for an additional standard deduction amount for the 2025 tax year. Who Is Eligible? You were 65 or older by the end of 2025 You file a federal income tax return Income limits may apply How It’s Claimed Calculated on Schedule 1‑A Added to your standard deduction No itemizing required What Proof Is Required? Date of birth on your tax return Prior‑year fil

Keywords: car loan interest tax deduction 2025, vehicle interest deduction, IRS auto loan tax rules A new tax break allows some taxpayers to deduct interest paid on qualified vehicle loans for the 2025 tax year. What Vehicles Qualify? New or used personal vehicles Loan must be secured by the vehicle Vehicle must be primarily for personal use Has a gross vehicle weight rating of less than 14,000 pounds Underwent final assembly in the United States. ( To verify final assembly

Keywords: overtime tax deduction 2025, no tax on overtime, IRS overtime deduction For the 2025 tax year , qualifying workers may deduct the premium portion of overtime pay , lowering their taxable income. What Counts as Overtime? Only the overtime premium qualifies — the extra pay earned above your regular hourly rate. Regular wages are not deductible. Who Can Claim It? You may qualify if: You earned overtime pay in 2025 Overtime was paid under federal or state labor laws Y

Keywords: no tax on tips 2025, tip income deduction, IRS tips tax law, service workers tax break Starting with the 2025 tax year , eligible workers may be able to deduct qualified tip income on their federal tax return thanks to new tax law changes. This means some tip income you earned in 2025 may not increase your taxable income. Who Qualifies? You may qualify if: You earned voluntary tips (cash or charged tips) Tips were paid by customers (not mandatory service charges)

A guide on the importance of bookkeeping.