Social Security: Deduct $6000 per recipient ... must be 65 or older, phase out at MAGI $75,000 single or $150,000 MFJ, deduction expires in 2028 Deduction for Car Loan Interest: New cars assembled in USA, weight under 14,000 lbs, VIN's starting with 1, 4, or 5, purchased after December 31, 2024 and purchased for personal use. Deduct up to $10,000 interest. Phase-out at MAGI of $100,000 single and $200,000 MFJ. Standard Deduction: $15,750 single, $31,500 MFJ, $23,625 head of household SALT Limitation: $40,000 up from $10,000. Phased out MAGI between $500,000 and $600,000 Charitable Contributions: Above the line (no need to itemize) deduction of $1,000 single or $2,000 MFJ Child Tax Credit: Increased from $2000 to $2,200 No Tax on Tips: Deduct up to $25,000, expires in 2028. Phased out at MAGI $150,000 single and $300,000 MFJ No Tax on Overtime: Deduct $12,500 single and $25,000 MFJ. Phased out in 2028.
