“Taxes can be a little intimidating. That is why it is my goal to help you understand your taxes and what can effect your outcome. I do not want anyone walking away scratching their head not understanding any aspect of the process.” – Colleen Havens
No Tax on Overtime
Qualified Overtime Deduction 2025 – 2028
Maximum Deduction: $12,500 per tax payer.
Only the ½ time of the overtime is actually exempt. See below example:
Reg Time: 40 hrs at 20.00 = $800
OT hours: 8 hrs at 30.00 = $240
Total: $1040
Taxable:
Reg Time: 48 hrs at 20.00 = $960
Nontaxable OT 8 hrs at 10.00 = $80
Double time pay would be ½ of the double time would be tax exempt.
Employer's may not have this reported on your W-2 as IRS is not changing the format until 2026. I would highly recommend that if you did have OT paid during 2025 that you take your last check stub with payment details with you when filing your return so that this information can be reported correctly on your tax return and your get the deduction.
We will keep you updated on the changes as the details come out. Stop by and see us in Keysville if you have any questions.
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2025 Tax Legislation - Energy Efficient Home Improvement Credit
This credit now expires 12/31/25.
The credit was for 30% of qualified energy efficient improvements not exceeding $1,200 annually. ($200 if for heat pumps)
Stop in and see us in Keysville and we can discuss the 2025 changes and the effect on your tax return.
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2025 Tax Legislation - Increased Threshold for Form 1099-K Reporting
This changes the reporting requirements of third-party settlement organizations from $600 to $20,000 and more than 200 transactions within a tax period.
Stop in and see us in Keysville or give us a call and we can discuss how the Big Beautiful Bill changes will effect your 2025 Tax Return.
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Highly responsive, professional service!
Jo Ann Torrence
5 months ago
I have had my taxes done here for the past 3 years and am very pleased. Reasonal rates and friendly too. Colleen and Gloria are the best.
Wonderful! Colleen was so helpful and knowledgeable, not to mention patient.
machinefiftynine
8 months ago
Colleen is the best ever!!!! Highly recommend. Professional and caring. I moved and will still continue to Tax Advisors!