New Tax Changes Explained: No Tax on Tips & Overtime, Car Loan Interest, and Bigger Deductions for Seniors
New tax rules starting in 2025 could mean lower taxes for many Americans. Workers who earn tips or overtime, people with car loans, and seniors age 65 and older may qualify for new deductions that reduce taxable income and increase refunds. Here’s a simple breakdown of what changed, who qualifies, and how much you could save.