The One Big Beautiful Bill – The Act – introduced several tax saving opportunities for 2025 and beyond. To gain the most benefit from a few of them requires action NOW.
Such as:
CAR LOAN INTEREST DEDUCTION – Plan a brand-new car purchase wisely.
For tax years 2025-2028, individuals can deduct up to $10,000 per year of interest on an automobile loan. You don’t have to itemize to receive this deduction.
For the VEHICLE to qualify, it must be a personal use
Car, SUV, van, pickup, or motorcycle (<14,000 lbs) AND Assembled in the U.S.
For the LOAN to qualify, it must be the first lien AND, the taxpayer is the original owner.
Refinanced loans also qualify.
The North Alabama United Methodist Foundation does not provide tax, legal or accounting advice. This material has been prepared for informational purposes only.
Photo by Caleb Perez on Unsplash