President Trump signed the One, Big Beautiful Bill Act (OBBBA) in July, bringing potentially massive changes to taxes with new deductions and relief measures. The Act made permanent tax cuts from 2017 and increased standard deductions for singles and married/joint filers.

The OBBBA also increased the SALT program limit from $10,000 to $40,000 this year, with gradual increases until 2029. Raad advised maximizing the $40,000 cap in high-tax states before the phaseout threshold. Senior taxpayers can benefit from a $6,000 deduction if AGI is under $75,000 for single filers and $150,000 for married/joint filers.

Under the OBBBA, a $10,000 auto loan interest deduction is available for U.S.-assembled vehicles. To take full advantage, Raad recommended purchasing before 2028 and staying below a MAGI of $200,000 for married/joint filers and $100,000 for single filers.

Read more at Yahoo Finance: 4 Ways To Get the Most from Trump’s Below-the-Line Tax Deductions