Max Annual Deduction: $12,500 Individuals; $25,000 Joint Filers Effective Dates: 2025 – 2028 Phase Out: Modified Adjusted Gross Income over $150,000 ($300,000 joint filers) There are several new tax laws that passed with the One Beautiful Bill Act (OBBBA) signed into law on July 4th, 2025.  This series will take a closer look at several […]

Max Annual Deduction: $10,000 Effective Dates: 2025 – 2028 Phase Out: Modified Adjusted Gross Income over $100,000 ($200,000 married filing joint) The One Big Beautiful Bill Act (OBBBA) signed into law July 4th 2025 included one provision titled “No Tax on Car Loan Interest”.  This provision provides up to a $10,000 deduction on qualifying interest

The One Big Beautiful Bill Act (OBBBA) was signed into law July 4th 2025 and generally apply to the 2025 through 2028 tax years.  There were several new provisions in the bill, and they will be discussed briefly below. If you want to learn more about any of the provisions below, you can click the