CFMTS

Tax Changes for 2025 under One Big Beautiful Bill

There are big new tax changes, such as no tax on tips and a larger Child Tax Credit, that could mean thousands more in refund money this year.

  • No Tax on Tips

    Deduct qualified tips — up to $25,000.

  • No Tax on Overtime

    Deduct extra pay — $12,500 (single) / $25,000 (joint).

  • No Tax on Car Loan Interest

    Deduct interest on qualifying auto loans — $10,000.

  • Higher Standard Deduction

    $15,750 (single) / $31,500 (joint).

  • Bigger Child Tax Credit

    $2,200 per child.

  • New Senior Deduction

    $6,000 for age 65+.

  • Expanded SALT Deduction

    Cap raised to $40,000.

  • Child Savings Accounts

    Funded once: $1,000 for each kid born 2025–2028.

  • Business Expensing

    100% bonus depreciation.

  • 1099-K Reporting

    Threshold: Reverts to $20,000 / 200 transactions.

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