Staying up to date with the latest IRS regulations and tax law changes can make a significant difference in how much you keep at tax time.
At Tri City Tax LLC, we continuously monitor federal tax updates, credits, deductions, and incentive programs to ensure our clients take full advantage of every opportunity available.
Below are some of the most recent tax law changes that may impact individuals, families, and businesses.
- Permanent Extension of 2017 Tax Cuts:Makes most individual tax rates and the increased standard deduction permanent, preventing them from expiring as scheduled at the end of 2025.
- No Tax on Tips and Overtime (Temporary):Creates a temporary deduction (through 2028) that effectively eliminates federal income tax on qualified tip income (up to $25,000) and overtime pay (up to $12,500), with phase-outs for higher earners.
- Increased Child Tax Credit: Permanently increases the maximum child tax credit to $2,200 per child.
- Senior Tax Deduction: Adds a temporary (through 2028) additional standard deduction of $6,000 for individuals age 65 and older who meet specific income requirements.
- “Made in America” Auto Loan Deduction:Allows a temporary deduction (through 2028) of up to $10,000 for interest paid on loans for new vehicles whose final assembly occurred in the U.S., with income limits.
- Expanded Education and Health Savings Accounts: Broadens the eligible uses for 529 education savings plans and Health Savings Accounts (HSAs).
- Business Tax Incentives: Includes provisions like permanently increasing the Section 179 expensing cap to $2.5 million and reinstating 100% first-year bonus depreciation for qualifying business property.
Tri City Tax LLC
Please call or email Jeff with any questions, comments or concerns.
- Jeff Saplak
- Office: 440-842-5060
- Fax: 440-842-5063
- tricitytax@sbcglobal.net
8025 Corporate Circle Suite #2
North Royalton Ohio 44133
Jeffrey J. Saplak
Owner/ Enrolled Agent
