12/31/2025

N. WISCONSIN / UP – With the new year some new changes that may add some money to your wallet.  Starting tomorrow the Enhanced Child Tax Credit will go into effect.  Families will see a modest boost, with the Child Tax Credit increasing from $2,000 to $2,200 per qualifying child for 2025.  Also in the new year you will be able to deduct the interest paid on your Auto Loan.  In the new year you will be able to deduct up to $10,000 in interest paid on your car loan. The vehicle must weigh less than 14,000 pounds and have its final assembly in the U.S., and it must be for personal use and No Tax on Tips and Overtime starting in the new year. Service workers can now deduct up to $25,000 in tip income, while overtime workers can deduct up to $12,500.  The minimum wage will rise from $12.48 to $13.73 an hour starting tomorrow in Michigan under the state’s Improved Workforce Opportunity Wage Act. The tipped wage will increase to $5.49 an hour, if workers earn at least $8.24 in tips, while the training wage for workers under 20 will remain at $4.25 for their first 90 days.