One Big Beautiful Bill Summary: 6 Tax Changes That Impact You – TurboTax Tax Tip Video скачать в хорошем качестве

One Big Beautiful Bill Summary: 6 Tax Changes That Impact You – TurboTax Tax Tip Video

https://turbotax.intuit.com/tax-tips/... Discover how the One Big Beautiful Bill, also known as the Working Families Tax Cut, brings multiple tax law updates for 2025. In this summary, we break down the top six: the increased Child Tax Credit, expanded SALT deduction, and new deductions for tips, overtime, auto loans, and seniors. 00:00 One Big Beautiful Bill Summary: 6 Tax Changes That Impact You 00:19 What is the One Big Beautiful Bill? 00:26 One - Child Tax Credit 00:43 Two- SALT Deduction 01:09 Three - Car Loan Interest Deduction 01:22 Four - New "No Tax on Tips" Rules 01:39 Five - New "No Tax on Overtime" Provisions 02:02 Six - A new Senior Deduction Learn more about recent tax changes here: https://turbotax.intuit.com/tax-reform/ TurboTax Help & Support Videos:    • TurboTax Help & Support Videos   Watch this video to learn more about the One Big Beautiful Bill: https://turbotax.intuit.com/tax-tips/... TurboTax Home: https://turbotax.intuit.com TurboTax Support: https://ttlc.intuit.com/ TurboTax Blog: https://blog.turbotax.intuit.com TurboTax Facebook:   / turbotax   TurboTax Instagram:   / turbotax   TurboTax Tik Tok:   / turbotax   TurboTax Pinterest:   / turbotax   ~~~ Video Transcript ~ One Big Beautiful Bill Summary: Top 6 Changes That Impact Your Taxes (Part 1): Wondering what the One Big Beautiful Bill means for your taxes? This seven part video series will break down the biggest changes for you. The One Big Beautiful Bill, also known as the Working Families Tax Cut, implements a series of new and increased tax breaks that could lower your tax bill or boost your refund. Here’s a summary of the 6 biggest changes: One: Under the new law, the Child Tax Credit https://turbotax.intuit.com/tax-tips/... got a boost. The maximum credit increased from $2,000 to $2,200 for each qualifying child. And from 2026 forward, that amount will be adjusted annually for inflation, helping the credit keep up with the cost of living. Two: The maximum State and Local Tax deduction, which is also known as the SALT deduction, increases for 2025 from $10,000 to $40,000, or to $20,000 for married couples who file separately. The cap increases to $40,400 for 2026 and increases 1% every year after that through 2029, before it drops back down to $10,000. Three: The new law also introduces the Car Loan Interest Deduction, which allows eligible taxpayers to deduct up to $10,000 in interest paid on a qualifying auto loan for the 2025 through 2028 tax years. Four: New “No Tax on Tips” rules let eligible workers deduct up to $25,000 of qualifying tip income on their federal income tax return. The rules apply to the 2025 through 2028 tax years. Five: The new “No Tax on Overtime” provisions let eligible workers deduct overtime pay on their federal return. Starting in 2025, and continuing through 2028, you may be able to deduct up to $12,500 in qualifying overtime pay, or up to $25,000 if you’re married filing jointly. And six: A new Senior Deduction lets taxpayers who are at least 65 years old claim a federal income tax deduction of up to $6,000, or up to $12,000 for a married couple where both spouses qualify. This new deduction is in addition to the existing additional standard deduction for seniors, and it will apply for the 2025 through 2028 tax years. Recent tax law changes make several important tax updates for 2025 and beyond. Understanding how these changes affect you doesn’t have to be stressful. Filers could see up to $1,000 refund increase or lower balance due, based on recent tax law changes. TurboTax is your trusted resource for tax law changes. Watch the rest of the videos in this series for a deep dive into each change — from the Child Tax Credit to the new Senior Deduction — so you’ll know exactly what to expect when you file. Visit https://turbotax.intuit.com for more information and file your taxes with confidence! ~~~