Are you taking advantage of all the new tax deductions before year-end? In this episode of Elevate Wealth, Deanne Rosso and Ben Hall discuss opportunities to lower your 2025 taxable income.

You’ll learn:

✅ No tax on tips and overtime up to set limits

✅ Auto loan interest deductions for qualifying vehicles

✅ Bonus deductions for seniors age 65+Don’t leave tax savings on the table this year.

Are there any new tax deductions I can take advantage of before December 31st? We'll learn about that today on Elevate Wealth. Welcome back. I'm Deane Rosso, president and CEO of Elevate Wealth Advisory. And the end of the year will be here before we know it. And there's a lot to think about in the meantime, particularly some tax deductions and things like that, that we might be able to take advantage of before the end of the year. So, here with me today is Ben Hall, who is a CPA and also our very own in-house director of tax services at Elevate Wealth. Welcome, Ben. Thanks, Deanne. Sure. So, it's an interesting question and a very important one. What new tax deductions can we take advantage of before the end of the year, December 31st, 2025? Right. So, the One Big Beautiful Bill did introduce a lot of new tax deductions. A lot of them come with their own income phase-outs and limitations, so you'll want to be aware of that, as well. But some of the more popular ones you may have heard about are things such as no tax on tips. So, for example, if you work in an industry where you earn a lot of tip income, you're going to be able to deduct a lot of that on your tax return this year. Up to $25,000 you can deduct on tip income. That's great. It is. And then another one that's similar is no tax on overtime pay. Awesome. If you get a lot of overtime income, you can also deduct up to $25,000 on your tax return of overtime pay. That's great. Another interesting one is auto loan interest. Okay, so this is a new one where you can now deduct up to $10,000 of auto loan interest. There's a few qualifications. It has to be a new car. It has to be assembled in the U.S., and it has to be purchased sometime after 2024, but if you meet that criteria, you can take up to $10,000 of auto loan interest as a deduction on your tax return. Okay. Maybe that'd help with buying that new car. Absolutely. Okay. And one more big one I'll mention is the new senior deduction that's now in place. So, we've heard a lot about this one, and what it is is if you're a senior age 65 or older, you can now take an additional deduction in addition to your standard deduction of $6,000 on your tax return. And if you're married filing jointly, you can double that to $12,000. So, it can really help out. That's a nice hefty deduction for our seniors. That's fantastic. So, no tax on tips or overtime pay up to those certain amounts, which should certainly help some families out. Also, the auto loan interest deduction. If you're in the market for a new car, it's a great time to maybe finance one and get that tax deduction. And this, in my mind, the senior deduction is so great because the One Big Beautiful Bill didn't do away with tax on Social Security. A lot of people think that it did, but having that nice sizable additional standard deduction for seniors is sure to help mitigate some of that Social Security tax, as well. Yeah, that's exactly right. That's great. Well, Ben, thank you for joining me today. And you know, we know you all out there have lots of questions about the oOne Big Beautiful Bill and how that impacts your tax situation, and that's why we're here. Visit us at elevate-wealth.com and click "let's talk." And we'd be happy to answer any questions that you may have about your tax situation before the end of 2025. Take care and we'll see you next time.