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Trump accounts, deductions for tips: What's new for tax filing this year
The IRS expects over 164 million returns this season with expanded deductions for seniors, tipped workers, and joint filers, plus new $1,000 deposits for babies born 2025–2028.
- This month the IRS began accepting completed tax forms and allows enrollment in Trump accounts, with deposits for babies born 2025–2028 via IRS Form 4547.
- The One Big Beautiful Bill from last year provided new deductions and credits, increasing standard deduction limits this year and creating a $6,000 seniors deduction for singles or $12,000 for couples.
- Workers who received overtime pay last year may deduct that income under a 'No Tax on Overtime' effort, with the car-loan interest deduction capped at $10,000 for those earning less than $100,000.
- Refund timing and processing vary as refunds arrive within 21 days while paper returns take more than four weeks, and late filings face a penalty of 5% per month up to 25%, though extensions until Oct. 15 allow penalty-free filing.
- Families and employers will face new contribution limits as, the IRS posted detailed deduction amounts on its website; families may contribute up to $5,000 and employers up to $2,500 annually for tens of millions of people.
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Trump accounts, deductions for tips: What's new for tax filing this year - The Pulse of NH
A 2024 tax year 1040 form. (Photo by John Moore/Getty Images)(NEW YORK) -- Tax season kicked off this week as the U.S. Internal Revenue Service began allowing filers to submit completed tax forms.Americans can file anytime before April 15. The IRS...
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Leaning Left1Leaning Right0Center4Last UpdatedBias Distribution80% Center
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C 80%
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