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