The IRS recently published guidance stating that lenders do not have to issue a separate tax form to report new car loan interest paid for the year, stating the amount of interest paid year to date on your December statement qualifies. So, if you purchased a new car in 2025 with a loan, give your tax preparer your December statement to see if you qualify for the deduction. They will also need the year, make, and model of the vehicle.
Social Security announced that 2026 benefits will increase by 2.6%, or $65 for an individual collecting $2,500/month.
The IRS published a reminder that under the recent new tax law, individuals won’t receive a 2025 1099-K for credit card transactions that are less than $20,000 in aggregate and fewer than 200 transactions. This is a relief to everyone who uses Venmo, eBay and other providers to make small transactions throughout the year.
Senior Advisor Jennifer Climo was recently interviewed on the Retirement Tax Services podcast about her journey from CPA to CFP(R) and financial advisor.
We are thrilled to be in the final stages of hiring three terrific professionals. Look for their bios in future editions of the Milestone Minute and our newsletter after they join our team over the next two months.
Taxes and financial planning are complex, but you don’t have to navigate them alone. A financial advisor can help you stay informed about tax law changes, optimize your savings and investments, and avoid costly mistakes. If you need tailored guidance, our team is here to help. Talk to an advisor or call (603) 589-8010 to integrate tax planning into your comprehensive financial strategy.
Disclaimer: This is not to be considered investment, tax, or financial advice. Please review your personal situation with your tax and/or financial advisor. Milestone Financial Planning, LLC (Milestone) is a fee-only financial planning firm and registered investment advisor in Bedford, NH. Milestone works with clients on a long-term, ongoing basis. Our fees are based on the assets that we manage and may include an annual financial planning subscription fee. Clients receive financial planning, tax planning, retirement planning, and investment management services and have unlimited access to our advisors. We receive no commissions or referral fees. We put our client’s interests first. If you need assistance with your investments or financial planning, please reach out to one of our fee-only advisors. Advisory services are only offered to clients or prospective clients where Milestone and its representatives are properly licensed or exempt from licensure. Past performance shown is not indicative of future results, which could differ substantially.
