New Tax Laws: Maximize Your Benefits
Indianapolis News Today | 2 Min News | The Daily News Now! · The Daily News Now!
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Show Notes
Tax Season Kick-off: New Rules & Benefits from the One Big Beautiful Bill Act
The One Big Beautiful Bill Act, signed into law last year, has brought significant changes to tax season. This omnibus measure has made permanent the tax cuts from President Trumps 2017 bill and introduced hundreds of new rules, some applicable to 2025 returns.
Key benefits now include no taxes on tips, a fresh deduction for overtime pay, an extra break for seniors aged 65 and up worth up to $6,000, and relief on car loan interest. Tax professionals are seeing these changes help clients, particularly older filers, but IRS staff cuts are causing additional work.
Despite no reported refund delays, accountants are preparing for potential issues like unnecessary notices and glitches in processing. With the federal filing deadline approaching on April 15th, its crucial to verify eligibility for these benefits to maximize the new tax landscape.
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