Fatter Tax Refunds: New Deductions & Changes
Update: 2026-01-01
Description
Brace for potentially fatter tax refunds next year! The One Big Beautiful Bill Act, signed by President Trump, introduces new breaks for tips, overtime pay, car loan interest, and seniors. Servers can deduct up to $25,000 in tips, overtime earners up to $12,500 or $25,000 for joint filers, and new car loan interest up to $10,000. Seniors get an extra $6,000 deduction, and the standard deduction rises by $750 for singles or $1,500 for couples. Income limits apply, with phaseouts starting around $75,000 for singles. Average refunds could climb $300 to $1,000 higher, maybe even $4,000 for some. New two-page Schedule 1-A form, direct deposit, or prepaid cards replace paper checks. Filing start date pending, likely late January or early February. IRS shakeups might slow things, so early filers could wait longer. Grab your paperwork now and double-check direct deposit details. Checkout Solipillow.com
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