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OBBBA: Tax Deductions for working americans and Seniors
The enactment of the One Big Beautiful Bill Act - OBBBA
Among its most significant changes designed to increase take home pay and reward work:
- Qualified Tips deductions
- Overtime deductions
- A deduction for certain Car Loan Interest
- A new Senior deduction for taxpayers aged 65 and older
- Tips: Maximum annual Deduction $25,000, provide SSN and file MFJ if married. Self-employed in a SSTB are not eligible.
- Overtime: Maximum annual deduction $12,500 ($25,000 for joint filers), Phases out MAGI $150,000 ($300,000 for joint filers).
- Car Loan Interest: maximum annual deduction $10,000. Phases out MAGI $100,000 ($200,000 for joint filers). On a qualified vehicle purchase for personal use and meets other eligibility criteria. Lease payments do not qualify.
- Deductions for Seniors: Individuals who are age 65 and older may claim an additional $6,000 deduction ($12,000 for joint filers when both qualify). Phases out MAGI $75,000 ($150,000 for joint filers).
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