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Watching Your Wallet: 2026 Tax Changes
- The 2026 tax changes modify standard deductions and add new deductions and credits under the One Big Beautiful Bill.
- Experts urge filing early and staying organized as 2025 returns transition to the new rules.
- If you receive tips, two points matter: tips vs. service charges, and new guidance on deductions.
- New senior deduction: up to $6,000 per person, applicable regardless of Social Security status.
- A vehicle purchase in 2025 may qualify for up to $10,000 in deductible interest if US-assembled.
- Tax updates will be covered by Vanessa Vasconcelos across social platforms for ongoing guidance.
- The report clarifies the distinction between service fees and tips for tax purposes.
- The article notes the transition year in 2025 as infrastructure for new rules was still being set up.
- The piece highlights guidance from tax professionals to help readers navigate the changes.
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