From the Internal Revenue Service:
Tax Cuts Benefiting Working Americans
Last year, President Donald J. Trump signed into law the Working Families Tax Cuts, landmark legislation that ushered in a new era of tax relief and prevented the largest tax increase in American history from taking effect.
This past filing season over 110 million refunds were issued, and over 67 million filers took advantage of at least one tax break from the Working Families Tax Cuts:
- No tax on tips;
- No tax on overtime;
- No tax on car loan interest (for qualifying vehicles);Or
- an enhanced deduction for America’s seniors.
These new provisions enabled working and older Americans to keep more of their hard-earned money.
- More than 30 million workers claimed the No Tax on Overtime deduction with an average benefit of over $3,100
- More than 38 million Americans 65 and older claimed the enhanced senior deduction with an average deduction of over $7,500
- Nearly 8 million workers claimed the No Tax on Tips deduction with an average deduction of over $7,000
- 1.5 million filers claimed the No Tax on Made-in-America Car Loan Interest with an average benefit of over $1,800
Americans who claimed these new tax cuts this year received real, meaningful tax relief.
If you did not and may be eligible, here is the good news – the no tax on tips, no tax on overtime, no tax on car loan interest, and the enhanced senior deductions are all in place until at least 2028.
For more information about these provisions and eligibility requirements, please visit the IRS’s Working Families Tax Cuts website.
With these new tax cuts in effect, and the dedicated staff at the IRS, we recently completed the most successful tax filing season in history.
- The average refund was 11% larger than last year
- 98% of returns were filed electronically
- Over 90% of refunds were issued in less than three weeks
Hardworking Americans like you are keeping more of what they earn because of President Trump’s historic tax cuts.
