President Donald Trump’s “big, beautiful bill” created several new tax measures that eligible taxpayers can claim this filing season.
They include tax breaks on tips and overtime income, an enhanced deduction for senior citizens, a new deduction for car loan interest and a higher cap on state and local tax deductions.
Trump administration officials and Republican lawmakers are touting that taxpayers will receive bigger refunds this year thanks to the sweeping package. Refunds on average have been running about 11%, or $350, higher than last year, as of the end of March, according to the Internal Revenue Service.
But not everyone is eligible for the new tax relief provisions, most of which come with income limits and other caveats. That is making it more difficult for some taxpayers to benefit.
Are you filing for these new tax breaks? What has your experience been in trying to claim them? Have you sought out a tax professional for advice?
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Source: edition.cnn.com