10 top personal tax breaks - Income Tax Preparation

The new law provides numerous tax-saving opportunities for individuals. Here are 10 prime examples.

1. Enhanced Standard Deduction - Single: $15,750; Married Filing Jointly: $31,500
2. No Tax on Tips - Up to $25,000 of tip income exempt for qualifying workers
3. No Tax on Overtime - Up to $12,500 in overtime pay deductible
4. Car Loan Interest Deduction - Up to $10,000 deductible for new vehicle purchases
5. Increased SALT Deduction - Cap raised from $10,000 to $40,000
6. Senior Bonus Deduction - $6,000 extra deduction for those 65 and older
7. Enhanced Child Tax Credit - $2,200 per qualifying child
8. Charitable Deduction for Non-Itemizers - Up to $1,000 ($2,000 MFJ) starting in 2026
9. 529 Plan Enhancement - $20,000 annual limit for K-12 tuition
10. Trump Accounts - New tax-advantaged savings accounts for children

Review your situation with a tax professional to maximize these benefits.