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Welcoming a new member of your family will come with new benefits under the Working Families Tax Cuts. The and Treasury have issued guidance that overviews how Trump Accounts work and answers questions on creating the account, the $1,000 pilot program contribution and more. Taking advantage of this individual retirement account (IRA) for your child starts them off with a leg up. These funds cannot be withdrawn from the accounts until January 1 of the year the child turns 18. After that point, the account is treated like a traditional IRA.

Learn more about Trump Accounts at https://ow.ly/nYLo50XBrVx.

The IRS Form 1098-VLI, Vehicle Loan Interest Statement, is a new tax form that will be used to report interest paid on qualifying car loans. This form supports a new tax deduction created by the One Big Beautiful Bill Act (OBBBA), which allows individuals to deduct up to $10,000 of interest paid on qualifying new vehicle loans for tax years 2025 through 2028.

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Curious how the 'no tax on overtime' or 'no tax on tips' will affect you in 2025? New guidance released by the and Treasury can help you plan for filing season in the new year. We explain in depth what qualified tips and qualified overtime pay means under the One, Big, Beautiful Bill. If you don't receive separate accounting from your employer, this guidance will help you determine the amount of your deduction.

For the latest information, visit https://ow.ly/8QsX50XxvY0.

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Deducting Tips From Taxes Have you heard of the One, Big, Beautiful Bill? Many Americans can now deduct the tips they receive from their taxes. For more information, see: https://ow....