Four major tax changes that could save you money right now

CHARLOTTE — Tax day is less than a month away and there are some major changes that could save you a lot of money.

TIPS: If you made tips last year -- so let’s say a bartender, barista, or server -- you don’t have to pay taxes on $25,000 of your tips. After that -- you still do.
OVERTIME: If you earned overtime, you don’t have to pay taxes on the first $12,500 of the OT.
SENIORS: If you’re 65 or older, knock another $6,000 off your taxable income. To be clear: there are already senior tax breaks. This is a new one -- on top of those.
CAR INTEREST: If you bought a car in 2025 and financed it, you can deduct whatever interest you paid last year.

And there’s more. Just ask Mark Steber with Jackson Hewitt Tax Service.

“A higher standard deduction, a higher child credit, a bigger refundable child credit, bigger adoption credit, and the list goes on and on,” he said. “2025 is the largest single tax law change year in my 40-year history.”

Action 9 attorney Jason Stoogenke says just remember, we’re talking in generalities. There’s fine print. Make sure you qualify for each deduction or credit. And speaking of credits and deductions — they aren’t automatic. You have to take steps to ‘claim’ them. So — for all those reasons — Stoogenke says you may want to talk to a tax pro.

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