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Former President Donald Trump has introduced the One Big Beautiful Bill, a sweeping tax proposal that could reshape deductions, credits, and how millions of Americans file their taxes. But here’s the truth: nothing is final yet. Bills can change—or even fail—before they become law.
Still, if there’s one thing we know about taxes, it’s that the people who plan early are the ones who maximize their benefits and avoid costly mistakes. Whether these changes pass exactly as written or are modified, being ready now puts you ahead.
Key Provisions in the Proposal (Subject to Change)
- $6,000 Senior Bonus Deduction
Proposed additional deduction for individuals over 65—up to $6,000 for singles, $12,000 for couples.
⚠ Not guaranteed—Congress could change amounts or eligibility. - “No Tax on Tips” Deduction
Would allow up to $25,000 in tips to be deducted from taxable income.
⚠ Tip income reporting rules may change during the legislative process. - “No Tax on Overtime” Deduction
Would allow deduction of overtime pay—up to $12,500 for individuals, $25,000 for couples.
⚠ Details and income caps still unclear. - Higher SALT Deduction Cap
Would raise the deduction for state and local taxes from $10,000 to $40,000 for some taxpayers.
⚠ May be limited by income thresholds or state rules.
Why Acting Now Is Smart—Even Without Certainty
- You can position yourself to claim benefits if they are approved.
- You’ll know your numbers ahead of time, avoiding the last-minute scramble in tax season.
- Early planning helps identify other savings opportunities—even under current laws.
The Risk of Waiting
If you wait until January 2025 to react, you could miss deadlines, lose potential deductions, or fail to adjust withholding in time. The tax code rewards those who prepare—not those who panic at the last minute.
Take the First Step Today
We track every proposed change in real time, so you don’t have to. Whether these provisions pass or not, we’ll make sure your tax plan is built for maximum benefit under the final rules.
Plan My Taxes Now — Secure your spot for personalized 2025 tax planning.
Disclaimer
The information above is based on proposals as of August 2025. Changes are possible, and no deduction is guaranteed until the law is officially enacted.