2025 Tax Law Changes: The One Big Beautiful Bill Act: Tax Reforms Explained
2025 Tax Law Changes & The OBBBA Tax Reforms Explained Car loan interest Key takeaways about this deduction: Effective 2025 through 2028 Up to $10,000 per year for interest on qualified new vehicle loans Phase-out begins at modified adjusted gross income of: $100,000 for single filers $200,000 for joint filers Related resources Tax deductions for working Americans Guidance on passenger vehicle interest Standard deduction increase The standard deduction increases for tax year 2026, to: $32,200 for married couples filing jointly $16,100 for single filers and married individuals filing separately $24,150 for heads of household Related resources 2026 tax inflation adjustments Deduction for seniors Key takeaways about this deduction: Additional $6,000 per taxpayer aged 65 or older $12,000 if both spouses qualify Phase-out begins at modified adjusted gross income of: $75,000 for single filers $150,000 for joint filers Related resources Tax deductions for workers and seniors No tax on ove...