New Tax Breaks in 2025? CPA Explains Vehicle Loan Deductions, Tax-Free Tips, and More

At the Trenton Rotary Club meeting, certified public accountant Whitney Esry discussed changes to the federal tax code approved in 2025. Individual income tax rates and capital gains rates will remain unchanged, with modest increases expected in the child tax credit and estate tax credit. Other adjustments include deductions for interest on new vehicle loans, tax-free gratuities until 2028, and deductions for up to 90 percent of documented gambling losses. The club also discussed plans for the community fireworks display for the 250th anniversary of the United States, clarifying that they will provide monetary support but not organize the event.