You may have seen or heard reports on social media that tips, overtime pay, Social Security payments and other types of income are no longer taxable. THESE REPORTS ARE NOT TRUE! While President Trump has suggested he'd like to see many changes to the tax laws, including making certain types of income nontaxable, those changes must be made by Congress by passing legislation. Congress has just started talking about changes to the tax law and it will probably be months before legislation is prepared, passed by Congress and signed into law by the President. As you prepare your tax returns reporting your 2024 income and expenses, you must report all income as you have done in the past. If you have any questions about whether a certain type of income is taxable or not, please contact our office.
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Federal and state tax laws and regulations change regularly. As we become aware of changes, we will post them here and, if you are a client who has provided us with an email address, we will also email them to you. Archives
January 2025
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