Honest Tax Service

Several tax laws has been updated for 2025–2028 under the One, Big, Beautiful Bill Act. New deductions include up to $25,000 for qualified tips, up to $12,500 ($25,000 joint) for qualified overtime pay, up to $10,000 for interest on certain new personal vehicle loans, and an additional $6,000 deduction for seniors age 65 and older ($12,000 if both spouses qualify). Most deductions are available whether you itemize or not, but income limits and specific eligibility rules apply. These updates could significantly impact your tax planning.