The Big Four OBBBA Deductions: Tips, Overtime, Car Loan Interest and the Senior Deduction (BOBB)

Michael J. Tucker, JD, CPA (moderator), Ian Redpath, Esq., Edward A. Renn, Esq.
  • 3
  • Basic
  • Taxes
On-site : Not available; please select a webinar
Webinar : September 16, September 24
Broadcast Times

Individual course: $99
Best Value: All-Star Tax Season Pass
Volume Discounts: Click here for details.

Overview

The One Big Beautiful Bill Act (OBBBA) provided four important new deductions: overtime, tips, interest on car loans, and the senior deduction. These new deductions are available to all taxpayers, regardless of whether they itemize. This program will cover the four deductions, taking into account the latest guidance from the IRS.

Panelists are subject to change.

 

Major Topics:

  • Organization of Schedule 1-A (Form 1040)
  • Calculating MAGI on the Schedule 1-A
  • The tip deduction
  • The overtime deduction
  • The deduction for interest on car loans
  • The senior deduction
 

Learning Objectives

  • Thoroughly examine the structure of the Schedule 1-A, a new form for 2025
  • Discuss in detail the four deductions reported on the Schedule 1-A

Any tax practitioner who will be preparing income tax returns or advising clients with respect to Schedule 1-A deductions

None

None

Yes

Yes

Varies by state. Check back soon for details