Starting in 2025, qualifying taxpayers may deduct up to $10,000 of personal-use car loan interest. This applies only to interest on eligible vehicles and only through 2028. Vehicle requirements To qualify, the vehicle must:• Be purchased after 12/31/2024• Be used for personal (not business) driving• Have final assembly in the United States• Have original use begin with you• Be financed with a first-lien auto loan (not a lease) Income limits The deduction is reduced by $200 per $1,000 of MAGI above:• $100,000 (single)• $200,000 (joint filers) Documentation needed Purchase contract• Loan documents• Annual interest statement (or monthly statements)• VIN must be reported on your tax return Bottom line If your vehicle meets the requirements, this deduction can reduce your taxable income significantly—especially for higher-interest loans. At Noble Pacific Tax Group, we are here to help navigate and suceed in dealing with the IRS or state. In most cases you will never have to meet or speak with the IRS or state. If you are looking for this expertise, contact Noble Pacific Tax Group or call 323-792-0792.

Taxpayers age 65 or older by year-end 2025 may now claim a Senior Deduction of up to:• $6,000 per eligible taxpayer• $12,000 for married couples where both spouses are 65+ This deduction lowers taxable income, not AGI. Income phaseout The deduction is reduced by 6% of MAGI above:• $75,000 (single)• $150,000 (joint filers) Each spouse’s deduction phases out separately. Important clarification This deduction has nothing to do with Social Security taxation. Social media posts claiming otherwise are incorrect. What you need to provide Standard income documents (SSA-1099, 1099-R, W-2s) are generally sufficient. Bottom line If you’re 65 or older, this new deduction can help reduce your tax bill—especially for retired or fixed-income taxpayers. At Noble Pacific Tax Group, we are here to help navigate and suceed in dealing with the IRS or state. In most cases you will never have to meet or speak with the IRS or state. If you are looking for this expertise, contact Noble Pacific Tax Group or call 323-792-0792.

Beginning in 2025, eligible workers can deduct up to $12,500 of qualified overtime pay (or $25,000 if married filing jointly). This deduction reduces taxable income, not AGI. What is “qualified” overtime? Only the premium portion of federally required overtime (the “half” in time-and-a-half)• Must be overtime under FLSA rules• Overtime that employers choose to pay outside legal requirements does not qualify Income limits Deduction decreases by $100 for every $1,000 of MAGI over:• $150,000 (single)• $300,000 (joint filers) Documentation matters For 2025, employers are not required to show qualified overtime on the W-2. You will need to provide:• Your final paystub• Any employer overtime statements• Complete W-2 Bottom line This deduction can meaningfully reduce taxable income, but the rules are specific—and your documentation is key. At Noble Pacific Tax Group, we are here to help navigate and suceed in dealing with the IRS or state. In most cases you will never have to meet or speak with the IRS or state. If you are looking for this expertise, contact Noble Pacific Tax Group or call 323-792-0792.

There’s a rumor going around that “tips aren’t taxable anymore.” That is false. Tips are still fully taxable income. What has changed is a new deduction starting in 2025: taxpayers in certain tipped occupations may deduct up to $25,000 of qualified tips. This reduces taxable income, not AGI—and it does not eliminate tax on tips. . In March of 2021, the IRS announced Operation Hidden Treasure in order to crack down on cryptocurrency reporting. If you’ve bought and/or sold crypto recently, it’s important to declare your crypto transactions on your tax forms, to avoid fraud and evasion charges. Here’s what you should know. Before we jump into it, if you know you owe IRS back taxes on your crypto gains, it’s important to reach out to a Qualified Tax Resolution Firm like ours that is skilled in negotiating back taxes with the IRS. We can help you file amended returns and get you back into compliance, while potentially negotiating with the IRS on your behalf. What counts as qualified tips? • Voluntary cash or credit-card tips• Tips in IRS-recognized tipped occupations• Tip-sharing amounts Not included: automatic gratuities, service charges, and most non-cash items. Income limits apply Your deduction is reduced by $100 for every $1,000 your MAGI exceeds:• $150,000 if single• $300,000 if married filing jointly Important for 2025: Keep your final paystub Employers are not required to separately report qualified tips on 2025 W-2s. Your tax professional will need:• Final year-end paystub• Any 1099-NEC, 1099-K, or employer tip reports Bottom line Tips are still taxable. The new deduction may help—if your income and occupation qualify—but you may still owe tax on your tips. Proper documentation is essential.   At Noble Pacific Tax Group, we are here to help navigate and suceed in dealing with the IRS or state. In most cases you will never have to meet or speak with the IRS or state. If you are looking for this expertise, contact Noble Pacific Tax Group or call 323-792-0792.

Who Qualifies for Tax Resolution Programs June 12, 2025 If you owe the IRS and feel overwhelmed, you’re not alone — and more importantly, you’re not out of options. The IRS offers several resolution programs designed to help taxpayers manage or reduce their tax debt. But navigating these programs isn’t easy, and the consequences of inaction can be severe. Here’s a quick overview of the main IRS resolution options and who may qualify: 1. Offer in Compromise (OIC) An Offer in Compromise allows you to settle your tax debt for less than the full amount you owe. It’s not a quick fix — the IRS only accepts offers when it believes: OICs are subject to detailed analysis of your income, assets, and living expenses. Many offers are rejected because they are submitted without a full understanding of the IRS’s strict guidelines. 2. Installment Agreements If you can’t pay your balance in full but can manage monthly payments, an Installment Agreement4 (IA) may be the best path forward. You may qualify for: Even with an IA, penalties and interest continue to accrue until the debt is fully paid. 3. Currently Not Collectible (CNC) Status If you’re experiencing serious financial hardship — for example, you’re unemployed, on a fixed income, or barely covering basic living expenses — the IRS may temporarily classify your account as Currently Not Collectible. In CNC status: Don’t Ignore IRS Notices It’s easy to feel paralyzed when the IRS starts sending letters. But ignoring IRS notices is the worst thing you can do. Many notices come with strict deadlines — miss them, and you may lose your right to appeal, challenge penalties, or negotiate better terms. Some notices, like the Final Notice of Intent to Levy, require action within 30 days. Others, like a Notice of Deficiency, must be addressed within 90 days or you lose your right to go to Tax Court. Why Qualified Help Matters IRS resolution isn’t just about filling out forms — it’s about knowing the rules, deadlines, and how to present your financial picture in a way the IRS accepts. At Noble Pacific Tax Group, we’ve helped countless clients reduce or manage their tax debt through strategic representation. We understand the IRS playbook and how to navigate it — so you don’t have to do it alone or risk making costly mistakes. If you’ve received an IRS notice or are struggling with tax debt, contact us today. The sooner you act, the more options you have.