Tax Law Changes - Big Beautiful Bill

🌟 BIG NEWS: The “Big Beautiful Bill” Just Passed – And It’s Packed with Tax Breaks! 🌟

Congress just passed the "Big Beautiful Bill," and it includes some exciting new deductions and expanded tax relief – especially for working families and everyday earners.

Check out some of the biggest wins:

🏠 SALT Cap Increased

The State and Local Tax deduction cap has been raised from $10,000 to $40,000 – a huge benefit for taxpayers in high-tax states.

🏡 Mortgage Interest Cap Expanded

More of your home mortgage interest can now be deducted – making homeownership even more rewarding.

🙏 Charitable Contributions

Starting in 2026, you can take an above-the-line deduction of:

✔️ $1,000 if single

✔️ $2,000 if married filing jointly

(Even if you don’t itemize!)

💵 TAX-FREE TIPS (2025–2028)

If you work in a qualifying industry, your tips will be tax-free at the federal level (up to $25,000 credit).

Note: High-income earners are excluded.

⏱️ Overtime Pay Deduction (2025–2028)

✔️ Deduct up to $12,500 (Single) or $25,000 (Married Filing Joint)

✔️ Must not itemize

✔️ Excludes high-income earners

🚗 Car Loan Interest (2025–2028)

Bought a car that was assembled in the U.S.?

You can deduct up to $10,000 in car loan interest!

👨‍👩‍👧‍👦 Bigger Child Tax Credit

Credit will increase to keep up with inflation. $2200 per child.

📌 These changes could significantly impact your 2025–2028 tax strategy.

Let SJ SLACK TAX LLC help you stay compliant and take full advantage of every new deduction.