Moneywise

🚨Tax season is approaching FAST – and our brand-new Moneywise business cards are here to help you get ahead! 🎉

Filing for 2025 taxes opens January 26, with the April 15 deadline right around the corner. Don’t wait – your local, family-owned accounting team in Crossville, TN (trusted since 1988!) is booking up quick for bookkeeping, payroll, and expert tax prep.

Fresh cards with QR code straight to moneywise1040.com – scan to get started today!

Love the new look? ❤️ Hit like, then SHARE this post or TAG a friend, family member, or small business owner who needs reliable help before spots fill up. Your share could save someone major tax headaches! Mention this post for a free initial consultation.

Quick connect:

📞 (973) 970-0153

📧 [email protected]

📍 119 Monticello Ln, Crossville, TN 38558

Let’s get organized early – who’s ready? 👇💼⏰

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NO TAX ON OVERTIME!

Under the new One Big Beautiful Bill Act (OBBBA) tax reform, overtime earnings are now tax-free.

For the purpose of this explanation, assume your overtime is paid at a rate of time and a half. You will need to report the total amount of overtime you earned during the year — this figure is not shown on your W-2 but can be found on your final pay stub.

When filing your tax return, this amount is entered on Form 1040, Schedule 1A – Additional Deductions. This new schedule accommodates several updated tax benefits, including:
• No Tax on Tips
• No Tax on Overtime
• No Tax on Car Loan Interest
• Enhanced Deduction for Seniors

This example focuses specifically on the overtime adjustment. The deductible portion is the “half” component of your time-and-a-half pay — which equates to one-third of your total overtime earnings when paid at time and a half.

Let’s look at a quick example:
Taxpayer Suzie had her return initially completed using only her W-2. Upon reviewing her final pay stub, we found $6,000 in overtime pay. She qualifies to deduct one-third of that amount — $2,000 — which is entered on Form 1A, Part III, line 14a. This deduction flows through to line 38 (Total Additional Deductions) and then to Form 1040, line 13b, where it adds to her standard deduction and reduces her taxable income.

In Suzie’s case, her $2,000 overtime deduction reduced her tax liability by 10%, resulting in $200 in tax savings.
This is just one of several taxpayer-friendly features under the OBBBA — making overtime hours even more rewarding!

📄 Health Insurance Tax Reminder: Form 1095-A Now Available 📄

If you had Marketplace health insurance, your 2025 Form 1095-A is now ready to download.

🔐 How to access your form:
1️⃣ Log in to your account at healthcare.gov
2️⃣ From the Welcome screen, check your Messages
3️⃣ Look for a message titled:
“You have a Form 1095-A for 2025”

📑 The document is 8 pages long, but for tax filing purposes, you typically only need Page 5 (Form 1095-A).

🖨️ Please print or save this page and include it with your 2025 tax documents.

📌 Important: This form is required to accurately prepare your tax return if you had Marketplace coverage.

💬 Have questions or need help?
📞 MoneyWise | 973-970-0153
🌐 moneywise1040.com

Hope you all had a wonderful Christmas filled with joy and maybe a few extra gifts under the tree! 🎄 Now that the wrapping paper’s settled, it’s a great time to gather those receipts and review any last-minute charitable donations or retirement contributions before December 31.

At Moneywise Accounting, we’re here to help you close out 2025 strong and start 2026 even wiser. Need a quick year-end check-in? Drop us a DM! 💼
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Send a message to learn more

🎄 LAST CHANCE HOLIDAY TAX SAVINGS SPECIAL from Moneywise! 🎄

Stressed about taxes in the new year? Let us handle it!

Book a FREE Year-End Tax Review before December 31 and get:

• Spot hidden deductions to LOWER your 2025 taxes NOW

• Personalized plan to save BIG

• Plus, 20% OFF your 2025 tax preparation for new customers!

Spots are LIMITED—put extra holiday cash back in your pocket! 💰🎁

Comment “REVIEW” below or DM us to claim yours. (Virtual appointments available!)