Filing Dates:​

The filing season opens January 26, 2026.  If you receive your documents and wish to upload them, you may do so. The IRS deadline is April 15, 2026.  We recommend you upload your documents here as early as possible to avoid extensions.  Although extensions sometimes may be necessary, the IRS and will still impose late payment penalties for those that have a tax liability after April 15, 2026.

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No Tax on Tips: 

With the implementation of The One, Big, Beautiful Bill, taxpayers may claim a deduction for qualified tips paid to them in 2025 that are reported on their W-2.  The maximum deduction is $25,000 for those with adjusted gross income less than $150,000 ($300,000 MFJ).​

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No Tax on Overtime:  

Individuals who receive qualified overtime may deduct the pay that exceeds their regular rate of pay, generally the "half" portion of "time-and-a-half".  The maximum deduction is $12,500 ($25,000 MFJ) and phases out for modifed adjusted gross incomes over $150,000 ($300,000 MFJ).  Please provide a YTD paystub or employer statement so we may calculate this deduction for you.  In 2026, this information will be provided on the W-2.  

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New Senior Deduction:   

Taxpayers 65+ may be elgible to claim an additional $6,000 deduction per person ($12,000 if MFJ and both spouses are eligible).  This is in addition to their standard or itemized deduction.  The deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 MFJ).

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No Tax on Car Loan Interest:   

Taxpayers may deduct up to $10,000 for interest on a loan used to purchase a qualified vehicle for personal use (lease payments do NOT qualify).  The vehicle must be a qualified vehicle with a GVW of less than 14,000 lbs, with final assembly in the United States.  You must provide your VIN number and a statement of interest from the lender.

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Trump Accounts:   

Parents may establish a retirement account for their children who is 17 or under on the last day of the year and has a valid Social Security number.  For children born between Jan. 1, 2025 and Dec. 31, 2028, who are US Citizens with a valid Social Security number, the government is contributing $1,000 to each eligible child for whom an election is made.  This election can be made in your 2025 tax filing and the account will be funded in July 2026.

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Standard Deduction:   

The standard deduction for 2025 is $15,750 (Single), $31,500(Married Filing Joint), and $23,625(Head of Household).   You may still itemize your deductions if they are higher than the standard deduction although there are still some limits on itemized deductions this year.

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State, Local and Property Taxes:  

If you itemize, the cap on deducting the aggregate total of state, local AND property taxes has been increased to $40,000 allowing more taxpayers to itemize this year.​

 

HELOC and 2nd Mortgage Interest: 

Originally repealed for 2018, Congress has modified the deduction for mortgage interest on home equity lines and 2nd mortgages.  If the funds were used to buy, build or substantially improve your primary or second home, you may be able to deduct it.  We will need to know when and for what purpose the funds were used in order to determine the deductibility of this interest.

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​​529 Savings Plans:  

Ohio allows for a state tax deduction for contributions made to a 529 Savings Plan of $4,000 per beneficiary.  This is a great savings option for parents, grandparents and family to save for a child’s future education needs tax free.  Also, withdrawals may now be used for private and religious elementary and secondary education for tuition and materials (up to $10,000 per student per year). Beginning with tax year 2023, contributions to ANY state's 529 plan are eligible for this deduction.​​

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Health Insurance:  ​

For tax year 2025, if you have health insurance through the Marketplace, you are required to report this on your tax return. We will require form 1095-A from the Marketplace to prepare your taxes. 

 

Children/Student Tax Returns:
We strongly encourage that you do not allow your dependent children or college students to file their own returns this year.  Allowing a child to file their own return, particularly a student, can cost the child and parent literally thousands of dollars in Education credits.  This is extremely important if you have a child in college.

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Traditional/Roth IRA Contributions:
You have until April 15, 2026 to contribute to your Traditional or Roth IRA accounts and have it apply to your 2025 tax return. The IRA contribution limits for 2025 are $7,000 ($8,000 if age 50 or older).  These limits apply to Traditional and Roth IRAs. For tax year 2026: The IRA contribution limits will increase to $7,500 ($8,600 if age 50 or older).

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