New IRS Schedule

New IRS Schedule 1-A Introduced for Additional Deductions

The IRS has released a new Schedule 1-A, “Additional Deductions,” (https://bit.ly/4aLdMRR) to help taxpayers take advantage of several tax breaks created by the One Big Beautiful Bill Act. If you haven’t already filed your 2025 tax return, you can use this form to deduct qualified amounts for tips, overtime and car loan interest and to claim the enhanced deduction for seniors. The IRS has also updated instructions for Form 1040 to help calculate the correct amounts. If you’ve already filed your 2025 return and claimed one or more of these deductions, there’s no need to amend your tax return. Contact us for more information.