One Big Beautiful Bill: What it Means for You
All of us here at Buchta Tax and Bookkeeping are working to learn about the tax law changes from the legislation know as the One Big Beautiful Bill. Please find a newsletter from the National Association of Tax Professionals (NATP) linked below. The newsletter details the following changes:
No tax on qualified tips
No tax on overtime
New senior deduction
Increased child tax credit
No tax on car loan interest (for new purchases of US assembled vehicles)
Trump Account
Changes to miscellaneous itemized deductions
We would also like to highlight changes to the clean energy credits.
The clean vehicle credits will not be available for vehicle purchased after 9/30/2025
The home energy credits (both the energy efficient upgrades and solar credits) will not be available for property placed in service after 12/31/2025
For property placed in service in 2025, the manufacturer is required to attached an IRS PIN to all qualifying products (windows, insulation, furnaces, etc.). This PIN is the certification that the product meets the energy efficiency standards required to claim the credits, and will be required to be included with your 2025 return to claim the credits.
Our office is standing by to answer any questions you may have, or to set up planning appointments that you would like to make related to these changes. Please give us a call if you have any questions.
