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Introduction: A Tax Break for Hardworking Americans Starting in 2025, a landmark provision in the One Big Beautiful Bill Act (OBBBA) introduces a valuable deduction: up to $12,500 of your overtime “premium” pay (or $25,000 for joint filers) can be excluded from federal taxable income, making overtime earnings effectively tax-free, with some limitations. KiplingerIRSWikipedia What […]
The SALT Deduction: A Quick Refresher The State and Local Tax (SALT) deduction allows taxpayers to deduct certain taxes paid to state and local governments – including income, property, and sales taxes – on their federal tax returns. However, the Tax Cuts and Jobs Act (TCJA) of 2017 capped the SALT deduction at $10,000, disproportionately […]