New Tax Deductions in 2025: Seniors, Tips, Overtime & Car Loan Interest Explained
BE Informed
In this episode of BE Informed, join me, Jacob Rives, as we delve into the new tax deductions set to take effect in 2025. We explore significant provisions from the One Big Beautiful Bill, including a $6,000 deduction for seniors aged 65 and older, and the introduction of a $25,000 deduction for qualified tips, designed to benefit service industry workers. Additionally, we discuss a new deduction for overtime compensation and the opportunity to deduct up to $10,000 in car loan interest for new vehicle purchases. Tune in for insights on eligibility criteria, income thresholds, and the temporary nature of these deductions, ensuring you stay informed and prepared for the upcoming tax landscape.
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