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IRS

 

Budgeting

 

The One, Big, Beautiful Bill Act passed in early July 2025.  There’s a lot to it, but here are some highlights:

In 2025:

  • Keeping the same tax brackets passed in 2017 for the TCJA.  They were set to expire end of 2025.
  • Double standard deduction made permanent.  They were set to expire end of 2025.
  • Extra $6,000 for each senior over 65 to reduce amount of social security taxed.
  • Adding auto loan interest as a deduction (without itemizing).  Must be assembled in U.S.A. Limit of $10,000.  Must be a NEW car.
  • No tax on tips up to $25,000.  Must be reported on W2 or form 4137 (self reporting).  Must be a service worker, such as food workers, hair stylists, valets, etc. 2025
  • No tax on overtime (up to $12,500).  Must be reported separately on W2 (Box 19). 2025
  • Itemized state and local tax deduction increased from limit of $10,000 to $40,000.
  • Child tax credit increases from $2,000 to $2,200 starting 2025.
  • Energy efficient home credit ends 12-31-2025
  • Energy credit on 30% solar, wind, battery ends 12-31-2025
  • Bonus depreciation back to 100%.  (After 1-19-2025)

In 2026:

  • Charity deduction up to $1,000 single $2,000 Married without itemizing.  (Public charities only). 
  • Dependent Care Employer assistance increased from $5,000 to $7,500
  • Dependent care credit increased from 35% max to 50%.
  • Estate exemption increases to $15 million
  • 1099 NEC and MISC reporting changes from $600 to $2,000 

If you have any questions about your specific situation, please reach out to me or my staff.