OBBBA Law Changes the Permanent Tax Rate and Adds New Deductions for Tips and Overtime
Eligible workers now have access to new deductions for tips and overtime pay. Tax rates are now permanently set and the standard deduction has increased under the One Big Beautiful Bill Act (OBBBA). A new senior deduction of up to $6,000 per qualifying individual age 65 and older is available through 2028. This reduces the overall taxable income for those who qualify.
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