First Class Financial

🚨No Tax On Car Loan Interest

If you purchased a new car in 2025, you may qualify for a new tax deduction.

For tax years 2025–2028, the IRS allows a deduction for car loan interest — not the car and not the payment, just the interest.

You May Qualify If:
✅ Your loan started after 12/31/2024
✅ The vehicle is new & for personal-use
✅ Vehicle must’ve been assembled in the U.S.
✅ Your income is under $100k (Single/HOH) or $200k (MFJ)

Important To Know:
• Max Deduction: Up to $10,000/year
• Leases don’t qualify
• The VIN # must be reported
• Does not apply to business vehicles

✏️ You don’t need to itemize to claim it — it’s an above-the-line deduction on your federal return.

🚨 Parents — Have Y’all Heard About the $1,000 Trump Account?

I’ve been seeing a lot talk online about an extra $1,000 being added to tax refunds due to the new “Trump Account” under the OBBA which is incorrect.

Here is a clear breakdown 👇🏽

The Trump Account is a new type of IRA created for children and designed for long-term savings and investing. The government plans to make a one-time $1,000 contribution for eligible children born between 2025 and 2028.

Accounts are expected to be available in 2026, and contributions can’t be made before July 4, 2026.

Who’s eligible:
✅ The child must be a U.S. citizen with a valid Social Security number
✅ The child must be under age 18 when the account is opened & born between 2025-2028.

How it’s opened:
✅ Parents or legal guardians can open the account using IRS Form 4547
✅ Use the government online portal expected to be available by Summer 2026

📌 Bottom line:
• You will NOT receive an extra $1,000 when you file
• A tax preparer cannot add this to your return
• The child won’t have access until adulthood
• This money is meant to sit and grow over time
• This is about long-term planning for your children’s future, not quick refund.

Good morning — we have open tax consultations available if you need guidance on filing or help getting your taxes handled the right way.

Link to book your appointment in the comments 📌