RLP LLC
DBA POOLE TAX SERVICE

• TAX ON SOCIAL SECURITY BENEFITS​

           Social security benefits will continue to be taxable up to 85% of the ​

           benefits received.  However, there is a tax deduction for taxpayers aged 65

           or older of $ 6,000 each.  This deduction starts to phase out if one's 

           income exceeds $ 75,000 for single filers and $ 150,000 for joint filers.  

           This deduction is used to offset all sources of taxable income, including 

           social security benefits, and will be available to both itemizers and 

           non-itemizers.      

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• CHARITABLE DEDUCTION CHANGES

           In order to claim a charitable donation as an itemized deduction, your ​

           donation total must exceed .5% of your adjusted gross income.  Non 

           itemizers will be able to take a charitable deduction of $ 1,000 ( $ 2,000 for

           joint filers).           ​

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• "NO TAX ON TIPS" 

           There is a new temporary deduction allowing workers to deduct up to

           $ 25,000 of tip income.  This is available to itemizers and non-itemizers.                   The IRS has a published list of qualified jobs found at Tipped-Occupations-             Detailed-8-27-2025.pdf.  You'll need to report all your tips to your

           employer, as tips are still subject to Social Security and Medicare tax.  

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• "NO TAX ON OVERTIME

           Up to $ 12,500 in overtime compensation is deductible when calculating​

           taxable income.  However, only the "half" part of "time and a half" is 

           eligible for the deduction.  

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• SALT CAP DEDUCTION

           The new law temporarily increases the cap on state and local tax deductions​

           from $ 10,000 to $ 40,000.  

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• VEHICLE INTEREST DEDUCTION

           There is a deduction of up to $ 10,000 of interest paid on a qualified ​

           vehicle loan.  The vehicle must be purchased new in 2025.  Leased 

           vehicles and used cars do not qualify.  The vehicle must have been

           assembled in the United States and may not exceed 14,000 pounds 

           Gross Vehicle Weight.  You will need to provide the VIN on your tax

           return to take this deduction.  It is available for itemizers and

           non-itemizers. 

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• INCREASED CHILD TAX CREDIT

           ​The expanded child tax credit for 2025 has increased to up to $ 2,200 and

           has been made permanent.    ​

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