It is currently March 2026, meaning you are likely finalizing your 2025 tax return due by April 15. The “One Big, Beautiful Bill” (OBBBA) passed in 2025 introduced several new last-minute opportunities.
1. New “Above-the-Line” Deductions
You can claim these even if you take the Standard Deduction ($15,750 single / $31,500 joint):
*No Tax on Tips: Deduct up to $25,000 in qualified tip income.
*No Tax on Overtime: Deduct the “extra half” of time-and-a-half pay, up to $12,500 ($25,000 for joint filers).
*Car Loan Interest: Deduct up to $10,000 in interest on loans for new, U.S.-assembled personal vehicles.
*Senior Deduction: Filers 65+ can claim an additional $6,000 deduction.
2. Retirement & Savings Deadlines
You have until April 15, 2026, to fund these for the 2025 tax year:
*IRA Contributions: Up to $7,000 ($8,000 if age 50+).
*HSA Contributions: Up to $4,300 for individuals or $8,550 for families.
3. Key Credits & Changes
*Child Tax Credit: Increased to $2,200 per child for 2025.
*SALT Cap: If itemizing, the State and Local Tax deduction cap jumped from $10,000 to $40,000.