New Tax Provisions Alert - Watch This Before You File Your 2025 Tax Returns
🚨 New Tax Provisions Alert — Watch This Before You File Your 2025 Tax Returns.
A lot changed for 2025–2028, and filing too early (or DIY) could mean missing deductions or leaving money on the table. Here are the highlights you need to know:
OBBBA Tips
✅ 1) SALT deduction cap jumped
The State & Local Tax (SALT) cap increased from $10,000 to $40,000 ($20,000 if MFS)—but higher-income taxpayers may see it phase out.
✅ 2) Higher standard deduction (2025)
New standard deduction amounts for 2025: $15,750 (Single/MFS), $31,500 (MFJ), $23,625 (HOH).
✅ 3) NEW “Senior Deduction” (Age 65+)
Extra $6,000 (Single/HOH) or $12,000 (MFJ if both 65+) for 2025–2028, with income phaseouts.
✅ 4) Car loan interest deduction (NEW)
Deduct up to $10,000/year of personal vehicle loan interest for vehicles acquired after 12/31/2024—but there are strict eligibility rules (including final assembly in the U.S.) and income limits.
✅ 5) “No Tax on Overtime Pay” (NEW)
A deduction up to $12,500 (Single/HOH) or $25,000 (MFJ)—but it’s not your full overtime. It’s the 0.5x “premium” portion under FLSA rules, and it phases out at higher incomes.
✅ 6) “No Tax on Tips” (NEW)
Deduct up to $25,000/year of qualified tips in IRS-approved occupations—but not service charges, not mandatory add-ons, not illegal income, and SSTB roles under 199A may not qualify.
📌 Before you file: make sure you know which of these you actually qualify for—and what documentation you’ll need.
👉 To book your tax prep appointment: Scan the QR code or text “Tax 2025” to (773) 937-1264.
General info only — not legal or tax advice. Eligibility depends on your facts, filing status, and income.
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