You'll definitely be eligible to use the new senior deduction to reduce your taxable income if you fall under the income threshold. You can read a good overview of everything here.
Some of these other provisions may impact you:
- State and Local tax cap raised to $40,000 if you earn up to $500,000
- Qualified tip income deduction
- Qualified overtime pay deduction for certain workers
- Deduction for auto loan interest for certain vehicles
- 2025 will be the last year for the energy efficient credits for EVs, hybrids, charging, and energy efficient home improvements beginning in 2025
- The qualified business income of 20% is permanently extended
- If you purchased equipment for your business, the new tax law also permanently allows you to write off 100% of your expenses for purchases like business equipment placed into service after January 19, 2025.
We also have this Free Tax Reform Calculator that you can create a custom scenario in.
Hope this helps!
Cindy
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