SALT Deduction Jumps to $40,000: Planning Strategies for High-Tax States
The OBBBA Act increases the SALT deduction cap to $40,000 through 2029. Learn about the new limits and phase-out rules.
John C Thompson, EA
Tag: Tax Law Changes
6 posts
New Auto Loan Interest Deduction: Up to $10,000 Tax Break for Vehicle Purchases
The new auto loan interest deduction allows up to $10,000 in annual tax savings for qualifying vehicle purchases made after 2024. Learn the requirements, income limits, and how to claim this temporary benefit.
John C Thompson, EA
New $6,000 Senior Deduction: What You Need to Know for 2025
The new $6,000 senior deduction provides automatic tax relief for those 65 and older, but income thresholds affect multiple retirement benefits. Learn the basics and when to seek professional help.
John C Thompson, EA
OBBBA Family Benefits: Tips, Overtime, and Child Tax Credit Changes Explained
Complete guide to OBBBA family benefits including the enhanced Child Tax Credit, tips deduction with official IRS occupation list, and overtime exemption. Updated with 2025 IRS guidance.
John C Thompson, EA
Last Chance for EV and Solar Credits: What Ends September 30th and How to Qualify
OBBBA terminates EV and solar tax credits on September 30, 2025. Learn which credits are ending, qualification requirements, and how to act before the deadline.
John C Thompson, EA
Historic Tax Changes Are Here: The Greatest Hits from H.R.1 / One Big Beautiful Bill Act
Comprehensive analysis of H.R.1 (One Big Beautiful Bill Act) tax provisions including permanent TCJA extensions, new business deductions, and family benefits for 2025 and beyond.
John C Thompson, EA