On July 4, 2025, legislation known as the "One Big Beautiful Bill" was signed into law. Learn about the 2025 tax changes here.

Now that President Donald Trump signed the bill, workers will be able to deduct up to $25,000 in reported tips and $12,500 in overtime pay from their taxable income on their federal tax returns.

Got questions about the new deductions for seniors, tips, overtime and car loans? Here’s what you’ve been asking—and my answers—about those, as well as other updated tax provisions.