New Tax Laws For 2025 - 2028

Trump accounts are a child retirement account that you or your family members can contribute to for a tax deduction.

• Contribution limit of $5,000 (This is a non-deductible, post tax contribution)
• Children born after December 31st, 2024 and before January 1st, 2029, are eligible for a One time $1,000 federal pilot program contribution. (The federal government will put a free $1,000 into your child's account.
• The account will officially open July 4, 2026
• You may begin contributions after it is open
• You can elect to open the Trump Account for any child under 18 years old.

•  If you received tips last year, they should be on your W2
• The first $25,000  is not taxable.
• Income limits apply. (See link at the bottom to learn more)

• If you had any over time this year, it may or may not be on the W2. Please be ready to send over your final pay stub for 2025.
• If you received any OT pay, the first $12,500 if OT portion of the pay is not taxable. (Up to $25,000 for MFJ)

•  Must be a new car
• Final Assembly in USA
• Vehicle must have GVWR under 14,000 lbs
• Loan must be Jan 1st, 2025 or after
• Used more than 50% for personal use (not business)
• No Lease Vehicles

You can find the remaining tax law changes on the IRS website by following the link below, or you can send us an email at Info@avtaxpro.com