IRS descriptions of new tax deductions in “One Big Beautiful Bill”

New tax deductions effective in 2025

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July 15, 2025

The IRS today released a fact sheet (FS-2025-03) that describes the following new provisions from the “One Big Beautiful Bill” (Pub. L. No. 119-21) that go into effect for 2025:

  • “No tax on tips”
  • “No tax on overtime”
  • “No tax on car loan interest"
  • Deduction for seniors

For more information on tax provisions in the “One Big Beautiful Bill,” read the KPMG reports.

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