Tavera Bookkeeping & Tax Prep

02/26/2026

Georgia HB 1001, passed in Feb 2026, accelerates state income tax cuts, reducing the rate from 5.19% to 4.99% effective July 1, 2026, for tax years starting Jan 1, 2026. This change covers both personal and corporate income taxes, hitting the 4.99% target three years ahead of previous schedules.

02/07/2026

Business owners- some changes to meal deductions 2026.

01/12/2026

January 26th marks the official start of the 2026 tax filing season, when the IRS will begin accepting and processing 2025 tax returns. April 15 is the filing deadline to avoid penalties and interest. (An extension does not extend the payment deadline; it only extends the filing deadline.)
Be sure to wait for all your tax documents before filing to maximize your credits and deductions.

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01/08/2026

The IRS has not yet opened e-filing, but here are some important dates to keep in mind. Please note that an extension to file does not extend the time to pay—any taxes owed must still be paid by the original April 15 deadline to avoid penalties and interest.

01/06/2026

Tax filing season is just around the corner — are you ready? With new tax laws in effect for the 2025 filing season (returns you’ll file in 2026), now’s the time to prepare and maximize your deductions & credits!

Tips to Get Ready:
✔ Start organizing W-2s, 1099s, receipts & records.

12/17/2025

08/06/2025

👵👴 NEW: Extra $6,000 Tax Deduction for Seniors! (2025–2028) 💰

Starting in 2025, if you're 65 or older, you can claim a new $6,000 deduction on top of the standard senior deduction you already get!

🧓 How much can you deduct?

$6,000 per person age 65+

$12,000 if both spouses are 65+ and file jointly

Works even if you don’t itemize

💡 Who qualifies?

Must be age 65 or older by the end of the tax year

Must include your Social Security number on the return

If married, you must file jointly to claim both deductions

📉 Income limit:
Deduction starts to phase out if income is over $75,000 ($150,000 for joint filers)

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08/06/2025

🚗💵 New Tax Deduction for Car Loan Interest! (Starting 2025) 💵🚗

Bought a new car, truck, or motorcycle? If it’s for personal use — you may be able to deduct up to $10,000 in loan interest on your taxes starting in 2025!

✅ Who qualifies?

Loan must be for a brand-new vehicle (not used)

Vehicle must be for personal use (not business/commercial)

Loan must start after Dec 31, 2024

Vehicle must be assembled in the U.S.

You must list the VIN on your tax return

Leases don’t count – purchase only!

💰 Deduction amount:

Up to $10,000 per year

Phases out if income is over $100K ($200K if married filing jointly)

🧾 Even if you don’t itemize, you can still take this deduction!

📋 Lenders will be required to report the interest you paid to the IRS — but there’s transition relief in place for 2025.

🔍 Want to check if your vehicle was assembled in the U.S.?
Use your VIN and search the NHTSA VIN Decoder or check the dealer’s label!

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08/06/2025

💼💰 NEW: No Tax on Overtime Pay (2025–2028)! 💰💼

Starting in 2025, workers can deduct part of their overtime pay from their taxable income — which could mean big tax savings!

✅ What’s covered?
You can deduct the extra pay you earn from overtime — like the “half” in “time-and-a-half” — if it’s required by federal law (FLSA) and reported on a W-2, 1099, or similar tax form.

📉 How much can you deduct?

Up to $12,500 per year

Or $25,000 if you’re married filing jointly

💡 Who qualifies?

You can claim the deduction whether you itemize or not

You must file jointly if married

Your income must be under $150K ($300K for joint filers) to get the full benefit

Must include your Social Security number on your tax return

📋 Heads up for employers & payors:
They’ll have to report total overtime compensation separately — but the IRS is giving everyone transition relief for 2025.

Send a message to learn more

08/06/2025

💡 NEW TAX BREAK FOR TIPPED WORKERS (2025–2028) 💸

Starting in 2025, employees and self-employed workers in tip-based jobs may be able to deduct up to $25,000 in tips from their taxable income each year!

✅ What counts?
Voluntary tips (cash or card) from customers or tip sharing – reported on your W-2, 1099, or directly on your tax return (Form 4137).

👥 Who qualifies?

Must work in a job the IRS lists as “customarily tipped” (list coming by Oct 2025)

Must report the tips to the IRS

Can claim even if you don’t itemize

Not available to those working in Specified Service Trades/Businesses (like law, accounting, consulting)

Must file jointly if married

Income limit applies: Deduction phases out if you make over $150K (or $300K if married)

🧾 Self-employed?
You can deduct tips too – up to $25,000 or your net income from the business (whichever is less).

📢 Employers and payors must report more detailed tip info going forward – but the IRS is giving everyone transition time for the 2025 tax year.

Send a message to learn more