Trump's megabill offers various tax breaks for specific groups, with income limits and deductions.
The GOP megabill headed to President Trump’s desk offers tax breaks for tipped workers, overtime employees, car buyers, seniors, and homeowners. Income limits apply, with deductions for tipped workers up to $25,000, overtime workers up to $12,500, seniors up to $6,000, and car buyers up to $10,000. The bill includes a $40,000 deduction for state and local taxes. Taxpayers must understand their income to claim these benefits, using the measure “modified adjusted gross income.” Making contributions to retirement accounts can help lower AGI for those near the income limits. Experts recommend maximizing contributions to retirement accounts to reduce taxable income.
Read more at Yahoo Finance: Will Trump’s megabill cut your taxes? Check this number on your tax return for the answer.