This extra deduction only applies to your Federal taxes (Form 1040) Social Security benefits are already tax-free on the Wisconsin taxes. If you’re 65 or older, there’s a new tax deduction starting in 2025 that could help you save even more on your taxes. Here’s a simple breakdown of how it works: What’s the New…
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Deduct Car Loan Interest: What You Need to Know
The new law only applies for Federal taxes (Form 1040). Wisconsin has not said if the interest is tax deductible for WI taxes. If you’re planning to or did buy a new car, there’s a new tax deduction starting in 2025 that lets you deduct the interest you pay on your car loan. Here’s a…
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No Taxes on Overtime Pay: What You Need to Know
The new law only applies for Federal taxes (Form 1040). Wisconsin has not said if the overtime is tax-free. If you earn overtime pay, there’s a new tax rule starting in 2025 that could help you save money. Here’s a simple breakdown of this new deduction: What’s the New Overtime Deduction? From 2025 to 2028,…
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No Tax on Tips: What You Need to Know
Good news for workers in tip-based jobs! Starting in 2025, there’s a new tax deduction for tips that could help you save money. Here’s a quick and simple breakdown: What’s the New Deduction About? If you work in a job where you regularly earn tips, you may be able to deduct those tips from your…
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