The law creates new tax deductions for tips of up to $25,000 per year received by workers earning less than $150,000, with the tax deduction set to expire in 2028. In order to be eligible, a tip must be paid voluntarily by the payor, and the payor must determine the amount of the tip.
The One, Big, Beautiful Bill will cut taxes for Americans earning under $50,000 by 14.9%. 66% of The One, Big, Beautiful Bill's tax cuts benefit families making less than $500,000. The tax cuts and economic growth from The One, Big, Beautiful Bill will increase the take- home pay for a family of four by $10,900.
President Trump's “One Big Beautiful Bill Act” (OBBBA) made the largest-ever cuts to social safety net programs in U.S. history to fund tax cuts for the ultrawealthy and corporations.
Cars qualifying for the "Big Beautiful Bill" (OBBB) auto loan interest deduction must be new, U.S.-assembled vehicles (cars, SUVs, vans, trucks, motorcycles under 14,000 lbs) purchased with a loan after 2024 for personal use, excluding leases and business vehicles, with the deduction itself subject to income limits and expiring after 2028. Key factors are U.S. final assembly, the vehicle type (under 14k lbs), and personal use, not commercial, with specific income thresholds for buyers.
Overview of the deduction
Maximum annual deduction is $25,000. For self-employed individuals, deduction cannot exceed net income (before this deduction) from the trade or business where tips were earned. Phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).
No, Amazon Prime is not automatically free for seniors, but many older adults can get it at a significant discount through Prime Access, which costs $6.99/month (half price) for those receiving government assistance like Medicaid, SNAP, or SSI, rather than just being a senior. Seniors who don't qualify for assistance can get a standard Prime membership at the regular price or sign up for a free trial, but there isn't a special "senior" discount based solely on age.
Your Social Security benefit could increase significantly under the Social Security Fairness Act, depending on your work history, with estimates showing average boosts of around $360/month (WEP-affected) to $1,190/month (GPO-affected), plus retroactive lump-sum payments back to January 2024, as the Act repealed the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO) for many public servants. The exact amount varies, from small increases to over $1,000 monthly, impacting those with non-Social Security pensions, and you should receive a notice from the SSA.
For 2025, seniors over 65 get a new $6,000 extra standard deduction (or $12,000 for qualifying married couples) in addition to the existing senior deduction, thanks to the new "One Big Beautiful Bill," phasing out at higher incomes (e.g., $75k single, $150k joint MAGI) and applying through 2028.
No Tax on Overtime is a provision that was included in a larger tax reform bill that passed in July 2025. It allows certain workers to deduct up to $12,500 in qualified overtime compensation from their taxable income on their federal income tax return. Joint filers can deduct up to $25,000.
Yes, under new legislation (the "One, Big, Beautiful Bill" or OBBBA), interest on new, U.S.-assembled personal vehicle loans taken out after 2024 might be tax deductible up to $10,000 annually through 2028, even if you take the standard deduction, provided you meet income limits (phasing out above $100k single/$200k joint MAGI). This is a new benefit for personal cars, unlike traditional deductions for business or mortgage interest, and requires specific vehicle and income qualifications.
The Trump tax cuts delivered on their promise to help make the U.S. economy stronger and provide more capital investment to help businesses expand and create jobs.
Tax changes for 2026 offer new ways for individuals ages 65 and over to plan financially. That is largely due to a new temporary senior "bonus" or deduction of up to $6,000 per qualifying individual that was enacted when President Donald Trump signed the "big beautiful bill" package into law last July.
3. Retirement plan contribution caps rise. The IRS sets annual limits on the amount you can put into an individual retirement account (IRA) or workplace retirement plan, with multiple tiers. For IRAs, the standard contribution cap for the 2026 tax year is $7,500, up from $7,000 in 2025.
All of Prime, half the price.
Eligible government assistance recipients and income verified customers can access all of Prime for $14.99 $6.99/month.
The extra $144 added to Social Security usually comes from the Medicare Part B Giveback benefit, offered by some Medicare Advantage (Part C) plans, which pays back some or all your Part B premium, showing up as extra money in your check if it's deducted from your Social Security. To qualify, you need Original Medicare (Parts A & B), pay your own Part B premium, live in a plan's service area, and enroll in a specific Medicare Advantage plan that offers this "rebate," with the amount varying by plan and location.
But the end is in sight, as the government has declared that sales of petrol and diesel cars will end in 2030. Some car industry observers think this is ambitious, but either way, in a few years, there won't be many diesel cars on sale. They will survive beyond that, but by 2050, they could well be a rarity.
Gasoline Car Phaseout In California
California's ACC II requires that all new passenger cars, trucks, and light duty vehicles sold in California be zero emissions by 2035.
The ban on sales of new diesel and petrol models is due to come into place in 2030. As part of the government's recent changes, full hybrid and plug-in hybrid models will be permitted to stay on sale until 2035.