Energy & Clean Vehicle Credits - Clean Vehicle Credits (New, Used, Commercial): The credits for new, used, and commercial clean vehicles will no longer be available for any vehicles acquired after September 30, 2025. This includes the popular up to $7,500 credit for new electric vehicles (EVs) and the up to $4,000 credit for used EVs. - Residential Clean Energy Credit: The 30% tax credit for installing clean energy property on your home (e.g., solar panels, wind turbines, battery storage, geothermal heat pumps) expires after December 31, 2025. To qualify, the system must be fully installed and operational by this deadline. - Energy Efficient Home Improvement Credit: The credit for making specific energy-efficient upgrades to a home (e.g., certain windows, doors, insulation, heat pumps) expires after December 31, 2025. The maximum annual credit is $3,200.  Health Insurance & Employment Credits - Enhanced Affordable Care Act (ACA) Premium Tax Credits: The enhanced subsidies that have lowered health insurance premiums for millions of Americans since 2021 are set to expire after December 31, 2025. Without congressional action, this could significantly increase premium costs for those who purchase coverage through the ACA marketplace. - Work Opportunity Tax Credit (WOTC): This credit, which provides an incentive for employers to hire individuals from certain targeted groups facing barriers to employment (such as certain veterans or people with disabilities), expires for individuals who begin work after December 31, 2025. 

· Gather all important and necessary tax paperwork and records needed for filing acurate tax return · Report all types of income on the tax return to avoid receiving a notice or a bill from the IRS. · Avoid paper returns. Filing electronically with direct deposit is the fastest way to get a refund · Consider or seek free resources to help eligible taxpayers file · Choose tax filing options based on personal situation and comfort level with tax preparation · Use professionally trained preparer. · Start now early to find the right tax coach/preparer that you can grow with and make future tax seasons effortless.

DID YOU KNOW? Overview of the new deduction - Effective 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle for personal use that meets other eligibility criteria. Lease payments do not qualify. - Maximum annual deduction is $10,000. - Phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers). What counts as qualified interest Interest must be paid on a loan that: - Originated after December 31, 2024 - Was used to purchase a vehicle originally used by the taxpayer - Was secured by a lien on the vehicle - Was for a personal-use (nonbusiness) vehicle If a qualifying vehicle loan is later refinanced, interest paid on the refinanced amount is generally eligible for the deduction. ​​​What counts as a qualified vehicle A qualified vehicle is a car, minivan, van, SUV, pickup truck or motorcycle that: - Has a gross vehicle weight rating of less than 14,000 pounds - Underwent final assembly in the United States.

There are only eleven more days left in 2025. So, if you plan on taking advantage of some of the new tax changes from the One Big Beautiful Bill, now is the time to get in a hurry. This is one of the changes and how you can claim it. If it doesn't apply to you share it with someone that can claim it. If you have questions join the community and post them in the feed. I will be sharing tips throughout the tax season. Happy Saturday and see you in the community. Deduction for seniors: Overview of the deduction - Effective 2025 through 2028, individuals age 65 and older may claim an additional $6,000 deduction. - This is in addition to the standard deduction for seniors available under existing law. - Applies per eligible individual (or $12,000 for a married couple if both spouses qualify). - Phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers). Who qualifies - You must be age 65 on or before the last day of the tax year. - Available for eligible taxpayers (both itemizing and non-itemizing). How to claim the deduction - Include your Social Security number on the return. - File jointly, if you’re married.

Welcome to Income, Expats, & Taxes! I am Coach A.W, In this community we will share how to make income and use tax planning and strategies to become a full or part time expat. I am a 27-year certified coach that share tax planning and strategies to help you keep more of the money you make. Since we are coming upon tax season, I will be sharing tips you can do now to start building your future expat or first business life. Introduce yourself in the community and share where you are or will be living your expat life, and what are some of the tax questions you have about being an expat or first-time business owner. I'll go first, "I will be living my expat life between the African Continent and Southeast Asia. For years my biggest fear as first-time business was, how do I pay my tax and keep more of my money? As an expat it was, who would be able to answer my unique tax question if I was thousands of miles from home." That's why I created, Income, Expats, & Taxes community. YOUR TURN!