Get MASSIVE SAVINGS On Your 2025 Taxes

[00:00:00] Your taxes this year are different than [00:00:02] any other previous year. I'm going to go [00:00:05] over a number of things that you should [00:00:06] keep in mind as you start to work on [00:00:08] your 2025 taxes. There are a number of [00:00:11] changes that have gone into effect this [00:00:13] year, and some of these could make you a [00:00:16] lot of money. [00:00:34] This video is for educational purposes [00:00:36] only. This is not financial advice. It [00:00:39] is recommended that you speak with a tax [00:00:41] professional in your area. This year, [00:00:43] for the first time ever, there is a new [00:00:45] line on your tax form. It is line 13B. [00:00:50] You need to pay attention to this. These [00:00:53] are the new deductions that were added [00:00:54] when Donald Trump signed the big, [00:00:56] beautiful bill. It comes with a brand [00:00:58] new schedule called schedule 1A. A lot [00:01:02] of people do not realize this schedule [00:01:03] has been added. And if you forget to [00:01:05] fill this out, you could be giving up a [00:01:07] lot of free money that you are entitled [00:01:09] to. Now, technically, a tax refund is [00:01:13] not free money because the government is [00:01:15] really just giving your own money back [00:01:16] to you. But still, I want to help you [00:01:19] get back as much money as possible. The [00:01:22] first section calculates your modified [00:01:24] adjusted gross income. This basically [00:01:26] adjusts your income for foreign earned [00:01:28] income. So for instance, if you made [00:01:31] some money in Puerto Rico, you have to [00:01:33] add that back into your income. And this [00:01:35] amount is going to be used in the rest [00:01:37] of this schedule to set your thresholds. [00:01:40] Basically, if you make too much money, [00:01:42] you will be limited on your deductions. [00:01:44] But if you do not have foreign income, [00:01:46] this section is going to be the same as [00:01:48] your income on your 1040. The next [00:01:50] section is about no tax on tips. This [00:01:53] was one of Donald Trump's big campaign [00:01:55] promises and he made it happen. This [00:01:57] means that if you are a waiter or you [00:01:59] work in a hotel or you are an [00:02:01] entertainer, any tips that you receive [00:02:03] will be tax-free up to a $25,000 [00:02:06] threshold. This is huge. [00:02:10] Imagine that you are a waiter making [00:02:12] $50,000 a year and half of your income [00:02:15] is tips. That means that you would only [00:02:18] have to pay taxes on $25,000. [00:02:23] This is life-changing for people. This [00:02:26] tax deduction will change people's [00:02:28] lives. The IRS has provided a list of [00:02:31] occupations that qualify, and you should [00:02:33] know that this list includes YouTubers. [00:02:38] YouTubers are entertainers that receive [00:02:40] tips. The IRS says that it includes [00:02:44] streamer, online video creator, social [00:02:46] media influencer, and podcaster. So, if [00:02:49] you have a favorite YouTuber, send them [00:02:52] a message right now and tell them they [00:02:54] have to watch this video. A lot of [00:02:57] people do not realize that they are [00:02:59] eligible for this deduction. This will [00:03:02] not apply to all of their income. For [00:03:04] instance, advertising revenue or [00:03:06] sponsorships do not count as deductions, [00:03:08] but the deduction does apply to their [00:03:10] tips. For example, in the comments down [00:03:13] below, you have the option to leave a [00:03:15] tip with your comment. This is a really [00:03:17] cool way to give your favorite YouTuber [00:03:20] tax-free income. And keep in mind, this [00:03:23] is only going to last a couple of years, [00:03:25] but for right now, this is a really nice [00:03:27] thing you can do for people you like to [00:03:29] watch. The next section is no tax on [00:03:32] overtime. That means if you are working [00:03:34] overtime, that income becomes a [00:03:36] deduction up to $12,500 [00:03:38] or $25,000 if you are married filing [00:03:41] jointly. So, for instance, if you are [00:03:44] being paid time and a half for working [00:03:45] overtime, that extra half portion [00:03:48] becomes a tax deduction. The next [00:03:50] section is no tax on car loan interest. [00:03:53] This section is for people who purchased [00:03:55] a car in 2025. You can deduct vehicle [00:03:58] loan interest up to $10,000. [00:04:01] It needs to be a car that has undergone [00:04:03] final assembly in the United States. You [00:04:06] also cannot deduct this expense on any [00:04:08] of the other schedules. This can be the [00:04:10] only place you are using this deduction. [00:04:13] The next section is enhanced deduction [00:04:15] for seniors. This is a big one. If you [00:04:19] are a senior, you can deduct up to [00:04:21] $6,000. [00:04:24] The IRS defines a senior as someone born [00:04:26] before January 2nd, 1961 with a valid [00:04:29] social security number. Like all of [00:04:32] these deductions, there is an income [00:04:34] threshold. So, if you have a lot of [00:04:36] income, this may not apply to you. But [00:04:38] if you are like most people, this [00:04:40] deduction is huge. And this is why you [00:04:43] need to be aware of this. If you do not [00:04:46] fill out this form, you do not get this [00:04:48] deduction. So, putting this all [00:04:51] together, if a few of these things apply [00:04:53] to you, you get to add them up. So, if [00:04:56] you had tips, if you had some overtime, [00:04:59] if you purchased a car, if you are a [00:05:00] senior, you get to add all that up as an [00:05:03] additional deduction on your tax form. [00:05:06] This could be a lot of money. And this [00:05:10] is separate from itemized deductions. On [00:05:13] line 12E, you get to decide whether to [00:05:15] take a standard deduction or an itemized [00:05:17] deduction. It does not matter which one [00:05:20] you decide to do because either way, you [00:05:23] still get to take these additional [00:05:24] deductions. Even if you do not get to [00:05:27] use any of these deductions, it's still [00:05:29] going to benefit you. This is going to [00:05:32] put real money into people's pockets, [00:05:34] and that's going to supercharge the US [00:05:37] economy. This is a really cool thing [00:05:39] that was added to this year's taxes. [00:05:41] It's a new line that has never been done [00:05:44] before. So, I'm doing my part to try to [00:05:46] get the word out so that people are [00:05:48] aware of these new changes. Now, I want [00:05:51] to hear from you. Are you excited to do [00:05:53] your taxes this year? Let me know in the [00:05:56] comments down below. And if you like [00:05:57] this video, don't forget to hit that [00:05:59] subscribe button so you don't miss out [00:06:00] on future videos. If you want to support [00:06:03] independent journalism like this [00:06:04] channel, consider signing up for a [00:06:06] membership on my website, [00:06:07] wolvesandfinance.com. [00:06:09] For $6 a month, your support helps me to [00:06:11] keep making these videos. Thank you to [00:06:14] everyone who has signed up. I'm Zach [00:06:16] from Wolves and Finance. Thank you for [00:06:18] watching.