One Big Beautiful Bill Act Info

• New deduction (2025–2028): Individuals can deduct up to $25,000 per year of qualified tips.
• Income limits: Phases out above $150,000 MAGI ($300,000 joint filers).

• New deduction (2025–2028): Individuals can deduct up to $12,500 per year ($25,000 for MFJ) of qualified overtime. 
• Taxpayers who worked qualified overtime can deduct the "half" portion of the "time and a half" compensation.
• Income limits: Phases out above $150,000 MAGI ($300,000 joint filers).
• 2025 forms don't have a place to report overtime income. Send us your last paycheck stub for 2025 so we can include it!

• New deduction (2025–2028): Individuals can deduct up to $10,000 per year of interest paid on a qualified personal vehicle loan. 
• Income limits: Phases out above $100,000 MAGI ($200,000 joint filers). 
• Eligible loans: Must be for a new (not used) personal-use vehicle, originated after December 31, 2024, secured by the vehicle; refinanced loans may still qualify. (Leases do not qualify.) 
• Qualified vehicles: Car, minivan, van, SUV, pickup, or motorcycle under 14,000 lbs GVWR, with final assembly in the United States. 
• VIN required: Taxpayers must report the vehicle’s VIN when claiming the deduction.
  Available to all filers: Applies whether or not the taxpayer itemizes deductions.
• See if your car qualifies: https://www.nhtsa.gov/vin-decoder

• New deduction (2025–2028): Individuals over 65 have an additional deduction of $6,000. 
• Income limits: Phases out above $75,000 MAGI ($150,000 joint filers).

1099-K forms requirements have reversed. Third party settlement organizations are not required to file a Form 1099-K unless the gross amount of reportable payment transactions to a payee exceeds $20,000 and the number of transactions exceeds 200.

https://www.irs.gov/newsroom/one-big-beautiful-bill-provisions