Your Trusted Coachella Valley Tax Partner Since 1993
FEDERAL TAX LAW UPDATES EFECTIVE 2025-2028
dEDUCTION ON TIPS
Under the One, Big, Beautiful Bill, workers may be eligible for new deductions for tax years 2025 through 2028 if they received qualified tips. For tipped workers, the maximum annual deduction is $25,000, which phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).
It is estimated that there are about 6 million workers who report tipped wages.
DEDUCTION FOR INTEREST ON AMERICAN MADE CARS
Taxpayers who purchase new vehicles assembled in the U.S. may deduct up to $10,000 of interest paid on a qualifying auto loan each year — even if they take the standard deduction. The vehicle must be U.S.-assembled and purchased with a loan after Dec 31, 2024
OVERTIME PAY DEDUCTION
For tax years 2025 through 2028, individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay (generally, the “half” portion of “time-and-a-half” compensation) that is required by the Fair Labor Standards Act and reported on a Form W-2, Form 1099, or other specified statement furnished to the individual.
Maximum annual deduction is $12,500 ($25,000 for joint filers).
Deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).
The deduction is available for both itemizing and non-itemizing taxpayers.
Trump accounts
The Working Families Tax Cuts allows parents, guardians and other authorized individuals to establish a new type of individual retirement account for their children, called Trump Accounts. The account is for a child who has not turned age 18 before the end of the calendar year in which the election is made and has a valid Social Security number.
The account features a pilot program contribution of $1,000 for children born between Jan. 1, 2025, and Dec. 31, 2028, and who are U.S. citizens with a valid Social Security number.
EXTRA DEDUCTION FOR SENIORS (65+)
Individuals age 65 or older may be eligible for an additional $6,000 deduction (on top of the standard or itemized deduction). For joint filers where both spouses qualify, this could be $12,000 combined.
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Our mission is to provide accurate, affordable tax services to the Coachella Valley community while maintaining the highest standards of professionalism and personal attention that our clients have trusted since 1993.
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Our expert team handles personal and business tax returns with meticulous attention to detail. With decades of experience navigating complex tax regulations, we ensure maximum compliance while identifying every legitimate opportunity to minimize your tax burden.
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“Eduardo has been doing our taxes for years. He’s a great person & very knowledgeable on his job. Also, the office staff is very courteous & friendly. Thank you everyone from the front staff to Eduardo for preparing my husband & I yearly taxes.”
— maria callejas
“I have been doing my taxes with Gladis for about 10 years now and i have always been completely satisfied! She has always answered all our questions, concerns and even gone above and beyond. The staff is very friendly and supportive. Overall great experience every single time! Thank you all!”
— jose luis gonzales
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— Luis De arco
