Plain-language notes on U.S. tax deadlines, IRS letters, cross-border reporting and running a small business, written by the CPAs who handle these questions every day.
OBBBA §70203: for 2025–2028, deduct up to $10,000 of qualified passenger-vehicle loan interest on a new, U.S.–finally-assembled personal vehicle financed after 2024. MAGI phase-out applies. NCDOR: does not reduce NC taxable income.
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OBBBA enhanced senior deduction: up to $6,000 per person age 65+ for 2025–2028 ($12,000 if both spouses qualify), on top of the traditional age extra SD. 6% MAGI phase-out; NCDOR: does not reduce NC taxable income.
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OBBBA §225: for 2025–2028, deduct the FLSA overtime *premium* only—up to $12,500 ($25,000 MFJ), with MAGI phase-out. Not the full OT check. NCDOR: does not reduce NC taxable income.
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OBBBA (P.L. 119-21) added §224: deduct up to $25,000 of qualified tips for 2025–2028, with MAGI phase-out. NCDOR states the deduction does not reduce NC taxable income. Cary/RTP tipped workers should plan records and Schedule 1-A carefully.
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Articles are general information, not tax or legal advice for your specific situation.
