2026 Tax law changes explained: tax on tips, overtime, standard deduction caps

Описание: The 2025 tax year is here, and there are some big tax law changes you need to know about. In this video, we walk through the key updates from the One Big Beautiful Bill Act, including provisions that make parts of the Tax Cuts and Jobs Act (TCJA) permanent and introduce new deductions and thresholds for 2025.

This is a high-level overview to help you understand what changed, who it affects, and what to watch for this tax season.

What you'll learn in this video:
• New 2025 standard deduction amounts
• Updated SALT deduction cap for married filing jointly
• How certain tips and overtime pay may now be excluded from taxable income
• Changes for self-employed taxpayers and small business owners
• Updated limits for Section 179 equipment purchase expensing
• New 1099-K reporting thresholds
• Gift tax annual exclusion for 2025
• Tax sunset dates to note

This content is for information purposes only and should not be considered legal, accounting or tax advice, or a substitute for obtaining such advice specific to your business. Additional information and exceptions may apply. Applicable laws may vary by state or locality. No assurance is given that the information is comprehensive in its coverage or that it is suitable in dealing with a customer’s particular situation. Intuit Inc. does not have any responsibility for updating or revising any information presented herein. Accordingly, the information provided should not be relied upon as a substitute for independent research. Intuit Inc. does not warrant that the material contained herein will continue to be accurate, nor that it is completely free of errors when published. Readers should verify statements before relying on them.


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