The #IRS has published Schedule 1-A along with updated instructions taxpayers will use with their 2025 federal tax returns to claim new deductions created by the One, Big, Beautiful Bill. This new schedule explains how to calculate and claim deductions that may help reduce your taxable income, including:
✅ Deduction for qualified tips earned on the job
✅ Deduction for overtime compensation
✅ Deduction for car loan interest on eligible vehicles
✅ Enhanced deduction for seniors (age 65+)
🔗Read more: ow.ly/vA2J50YoIfg
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Haven’t filed your federal tax return yet? The deadline is still a month away, but if you won’t get to it by April 15, request a six-month extension to file from the #IRS. See: www.irs.gov/extensions
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