New tax deductions for 2026
Varies
Can You Write Off New tax deductions for 2026?
Short answer: New for 2025-2028: no tax on tips (up to $25,000), overtime premium (up to $12,500), car loan interest on new US-assembled cars (up to $10,000), and a $6,000 senior deduction; plus a $1,000/$2,000 charity deduction for non-itemizers in 2026.
Each has income phase-outs and is claimed on the new Schedule 1-A.
Records to keep: Keep receipts, statements, and a simple log of business purpose; compare itemizing to the standard deduction each year.
New tax deductions for 2026
Varies
Individuals / Personal Taxes
New for 2025-2028: no tax on tips (up to $25,000), overtime premium (up to $12,500), car loan interest on new US-assembled cars (up to $10,000), and a $6,000 senior deduction; plus a $1,000/$2,000 charity deduction for non-itemizers in 2026.
Business justification
New for 2025-2028: no tax on tips (up to $25,000), overtime premium (up to $12,500), car loan interest on new US-assembled cars (up to $10,000), and a $6,000 senior deduction; plus a $1,000/$2,000 charity deduction for non-itemizers in 2026. Each has income phase-outs and is claimed on the new Schedule 1-A.
Category
- Write-Off Guides