| 👵 New Deduction for Seniors |
$6,000 Additional Deduction |
Individuals age 65+ can claim an extra $6,000 deduction ($12,000 if both spouses qualify), even with the standard deduction. Phases out at MAGI over $75,000 (single) / $150,000 (joint). |
| 🚗 Vehicle Interest Deduction |
Up to $10,000 Deduction |
Deduct up to $10,000 in interest paid on a loan for a new, qualified personal-use vehicle. Available to itemizers & non-itemizers. |
| 🏠 State & Local Tax (SALT) |
$40,000 Deduction Cap |
SALT deduction cap increases to $40,000 for married filing jointly, subject to income limits and phase-outs. |
| 💼 Worker Income |
No Tax on Qualified Tips & Overtime |
Temporary deduction available for certain workers receiving qualified tips and overtime pay. |
| 🧾 Tax Reporting (1099-K) |
$20,000 / 200 Transactions |
Payment apps & marketplaces issue Form 1099-K only if payments exceed $20,000 AND 200 transactions. |
| 👨👩👧 Child Tax Credit (CTC) |
Up to $2,200 per Child |
Maximum Child Tax Credit increased to $2,200 per qualifying child. |
| 💳 Refund Method |
Paper Checks Phasing Out |
IRS encourages direct deposit as paper refund checks are being phased out. Fastest & safest option. |
