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Taxes Will Be Different in 2025 Here’s What to Expect

As we look ahead to the upcoming tax season, several important changes are on the horizon, many of which will directly affect how our clients file and plan. Below is a quick overview of the key updates you should be aware of.

Tips and overtime are now deductible. However, there will not be separate reporting boxes on your W-2, so we will need a final pay stub to calculate these amounts.

New itemized deduction limits apply only to taxpayers in the top tax bracket.

The Tax Cuts and Job Act (TCJA) tax rates are being permanently extended.

Interest on new car loans for qualified American-made vehicles may now be deductible.

Senior deduction: $6,000 per person age 65+ ($12,000 for MFJ), with income phaseouts.

Starting in 2026: Only 90% of gambling losses will be deductible.

SSNs now required for claiming education credits and the Child Tax Credit.

Important Tax Updates Every Business Owner Should Know

Key tax changes will affect business planning, purchasing, and reporting over the next few years. Below is a quick snapshot of the most important updates to keep in mind for upcoming tax years.

100% Bonus Depreciation is back for eligible business assets, including vehicles.

QBI Deduction is now permanent.

Business meals: Fewer qualify for the 100% deduction.

1099 reporting: Starting in 2026, issue for payments over $2,000 ($600 in 2025).

1099-K reporting: Only for accounts with $20,000+ in gross receipts or 200+ transactions. 1099-K forms are commonly issued for gig-economy workers, freelancers, online sellers, rental hosts and other individuals who receive payments through third-party processors.

CLIENT SPOTLIGHT

Trusted Auto Care with a Personal Touch

Panda Services is a trusted, owner operated auto repair and maintenance shop in New Lenox, IL. Founded by DJ who began by fixing cars in his home garage, Panda has grown into a respected local business built on honesty, skill, and genuine care.

Panda offers full service automotive repair including diagnostics, brakes, engines, suspensions, electrical work, tire services, and routine maintenance. They also provide seasonal snow removal and ice control, making them a year round support resource for local residents and businesses.

Every repair receives DJ’s personal attention, transparency, and craftsmanship. Longtime customers consistently praise the shop’s straightforward communication, fair pricing, and commitment to doing the job right.

You can explore more about their services or request a quote by clicking the links below:

Visit Panda Auto & Truck Repair Online

Request Auto Repair Quote

Request Snow Removal Quote

LOCATION:

13955 E Illinois Hwy # 2, New Lenox, IL 60451

Service by Appointment Only

TEL (815) 277-9262

[email protected]

Trey Birt, CPA

That's it for this month. We do more than just taxes and are always available to discuss potential tax savings with clients. Don't hesitate to contact us with any questions regarding these matters or any other issues you may have.

"Your referrals are always greatly appreciated"

Visit our Website to see

what we're up to:

AAG Website

Ascend Accounting Group, LLC

3175 Commercial Ave Ste 201

Northbrook, IL 60062

Office Number (224) 330-6700

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