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UPDATED TAX NEWS FROM THE DESK OF KIMBERLY KUNKLE
 
  1.  Additional Deduction for seniors of $6,000 each – AGI limitations
  2.  Child Tax Credit Increase from $2,000 to $2,200
  3.  SALT cap limit expanded from $10,000 to $40,000 – AGI limitations
  4.  Charity cash contribution deduction for non-itemized is back – $1000 Single, $2000 married. 
  5.  Mortgage insurance premiums deduction has been restored
  6.  Car loan interest deduction allowed above the line on qualified vehicles – 2025 through 2028.
  7.  Residential Energy Credits to expire December 31, 2025.
  8.  Tip Income and Overtime Income – not taxed with limitations. Special reporting required – by employer and employee. 
  9.  New Trump Accounts – Savings for children born 2025 – 2029 will include up to $1,000.00 government funding and distributions will be non-taxable as long as they are used for qualified expenses. Such as Tuition, First Home Purchase, and/or a small business loan. 
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