Drake Tax - New Tax Bill

The new tax bill was signed into law on July 4, 2025. The IRS has provided preliminary information about some of the provisions that will take effect in 2025. This article will be updated with more information about the impact on Drake Tax 2025 and Drake Accounting as details are finalized.

Drake Tax 2025

• Drake Tax Planner Updates for New Tax Bill

• Drake Tax - Qualified Tips Deduction - "No Tax on Tips" (New Tax Bill)

• Drake Tax - Qualified Overtime Compensation Deduction - "No Tax on Overtime" (New Tax Bill)

• Drake Tax - Qualified Passenger Vehicle Loan Interest Deduction - "No Tax on Car Loan Interest" (New Tax Bill)

• Drake Tax - Refund Disbursement: Paper Check

• Drake Tax - Form 4547 - Trump Account Election(s)

• Drake Tax - 8812: CTC, ACTC, and ODC

• Drake Tax - Schedule A - State and Local Income Tax Deduction Limitation (Wks SALT)

• Drake Tax - Schedule 1-A: Additional Deductions

DAS 2025 and DAS 2026

• Drake Accounting - Qualified Overtime Compensation - "No Tax on Overtime" (New Tax Bill)

• Drake Accounting - Qualified Tips - "No Tax on Tips" (New Tax Bill)