IRS Tools & Refund Resources
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Create ID.me Account Log In with ID.meQuick Documents Checklist
- Photo ID (you and spouse)
- Social Security numbers (you, spouse, dependents)
- W-2s, 1099-NEC/INT/DIV/R, SSA-1099, 1099-G
- 1095-A (Marketplace), 1098-T (tuition), 1098-E (student loan interest)
- Childcare provider info (name, address, EIN/SSN, amount paid)
- Bank routing & account for direct deposit
- Business/side-gig income & expenses (if applicable)
- Last year’s return (recommended)
Heads up: The information below is for awareness only. Always confirm current rules on IRS.gov or with your tax professional before relying on any change.
One Big Beautiful Bill Act (Public Law 119-21)
Key Deductions & Tax Relief – Effective 2025-2028
1. No Tax on Tips (§ 70201)
- Deduction: Up to $25,000 of qualified tips (cash/charged, incl. tip-sharing) may be deducted.
- Self-employed limit = net income from that business.
- Phase-out: MAGI > $150k (single) / $300k (joint).
- Eligibility: Itemizers & non-itemizers; SSTB owners or employees cannot claim.
- Reporting: Employers/payors must issue info returns; IRS list of tip-based occupations due Oct 2 2025.
2. No Tax on Overtime Pay (§ 70202)
- Deduction: Deduct the “extra half” of time-and-a-half wages—up to $12,500 (single) / $25,000 (joint).
- Phase-out: MAGI > $150k (single) / $300k (joint).
- Eligibility: Available to all filers who include SSN and, if married, file jointly.
- Reporting: Employers/payors must report qualified overtime paid.
3. No Tax on Car-Loan Interest (§ 70203)
- Deduction: Up to $10,000 of interest on a new personal-use vehicle loan (originated after 12-31-24).
- Phase-out: MAGI > $100k (single) / $200k (joint).
- Vehicle rules: < 14,000 lbs GVWR, final assembly in U.S., first owner.
- Return must include VIN; leases do not qualify.
- Reporting: Lenders must furnish annual interest statements.
4. Additional Senior Deduction (§ 70103)
- Deduction: $6,000 per taxpayer age 65+ ($12,000 if both spouses qualify).
- Phase-out: MAGI > $75k (single) / $150k (joint).
- Stackable with the existing senior standard-deduction boost.
- SSN of each qualifying senior must appear on the return; joint filing required for married couples.
Signed July 4, 2025 • Applies to tax years 2025-2028