1. The “Working Families Tax Cut” (Overtime Credit) Great news for hard workers! Under the new “Working Families Tax Cut” passed in 2025, you may now be eligible for a significant tax break on your overtime pay.
- What it is: A tax credit for overtime hours worked.
- Who qualifies: Workers with recorded overtime pay in 2025.
- The Benefit: You can potentially exclude qualified overtime pay from your federal taxable income.
2. The “Future Generations” Act (Newborn Savings) Did you welcome a new baby recently? The government has introduced a new benefit for children born between 2025 and 2028.
- The Benefit: A $1,000 government contribution to a tax-advantaged savings account for your child.
- Eligibility: Any child born from Jan 1, 2025 through Dec 31, 2028.
- Action Required: We will help you file the necessary forms to claim this “seed” money for your child’s future.
