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New Tax Bill: No Tax on Tips, No Tax on Overtime, and New Deduction for Seniors
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In this episode, I break down the One Big Beautiful Bill Act and what it means for taxpayers like you. I explain the campaign promises written into this bill—including the “no tax on tips” provision, the “no tax on overtime” benefit, and the new deductions available for seniors.
My goal is to help you clearly understand how these changes may impact your taxes, your income, and your financial planning. If you want to stay ahead of new tax laws and make the most of these opportunities, this episode is for you.
Listen and Subscribe Here
In this episode of the Sunlight Tax podcast, I break down the One Big Beautiful Bill Act and what it means for taxpayers like you. I explain the campaign promises written into this bill, including the “no tax on tips” provision, the “no tax on overtime” benefit, and the new deductions available for seniors.
My goal is to help you clearly understand how these changes may impact your taxes, your income, and your financial planning. If you want to stay ahead of new tax laws and make the most of these opportunities, this episode is for you.
Also mentioned in today’s episode:
03:13 Campaign Promises and Tax Deductions
06:15 Understanding the No Tax on Tips Provision
19:52 Exploring the No Tax on Overtime Provision
Takeaways
The One Big Beautiful Bill Act (OBBBA) was passed on July 2nd.
The bill includes several campaign promises related to tax deductions.
A new higher standard deduction for seniors is introduced.
The no tax on tips provision benefits higher income tipped workers.
Only qualified tips are eligible for the new deduction.
The no tax on overtime provision allows deductions for overtime pay.
The deductions expire in 2029, providing limited time benefits.
Tax equity is a significant concern with the new provisions.
The bill's provisions are retroactive to January 1, 2025.
If you enjoyed this episode, please rate, review and share it!
Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.
Other Sunlight Tax podcast episodes about OBBBA:
Unpacking Trump’s New Tax Law: What You Need to Know About the One Big Beautiful Bill Act
Breaking Down Trump’s New Tax Law: Cars, New Loan Interest Deduction, and Expiring Energy Credits
New Tax Bill: Student Loans: New borrowing limits, changes to repayment plans
Links:
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
Get your free visual guide to tax deductions
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.
Listen and Subscribe Here
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.
If you enjoyed this episode, please rate, review and share it!
Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.
Other Sunlight Tax podcast episodes about OBBBA:
Unpacking Trump’s New Tax Law: What You Need to Know About the One Big Beautiful Bill Act
New Tax Bill: No Tax on Tips, No Tax on Overtime, and New Deduction for Seniors
New Tax Bill: Student Loans: New borrowing limits, changes to repayment plans
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
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