Breaking Down Trump’s New Tax Law: Cars, New Loan Interest Deduction, and Expiring Energy Credits
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In this episode, I dive into the new tax law called the One Big Beautiful Bill Act, focusing on two major updates: the car loan interest deduction and the expiring energy tax credits. I explain why understanding these new tax rules matters, especially if you’re considering a clean vehicle tax credit or planning energy efficiency improvements for your home.
With key deadlines approaching, I want to give you clear, actionable insights so you can maximize your tax benefits and make the most of these opportunities before they expire.
Also mentioned in today’s episode:
01:00 Overview of the One Big Beautiful Bill Act
03:37 New Car Loan Interest Deduction
13:04 Expiring Energy Credits and Deadlines
Takeaways
The new tax law is called the One Big Beautiful Bill Act.
There are new deductions for car loan interest starting in 2025.
Tax credits for clean vehicles are expiring soon.
The deadline for clean vehicle tax credits is September 30th.
The car loan interest deduction is only applicable to new cars.
You must have the VIN number to claim the car loan deduction.
Energy efficiency improvement credits are also expiring soon.
The residential clean energy credit is set to expire in 2025.
Commercial vehicle tax credits are available for businesses.
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Links:
Check out my program, Money Bootcamp
Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.
Link to pre-order my workbook, Taxes for Humans: The Workbook