Lisa Green-Lewis, a tax expert and CPA, walked 7 On Your Side through some of the big changes this tax season that could impact your refund.
It's officially tax season! Pull out your shoe box and get your documents in order! That includes your W-2, which you should have received by now. However, with the One Big Beautiful Bill signed into law this past summer, your taxes could look a little different this year.
"Tax laws are constantly changing," tax expert and CPA, Lisa Green-Lewis said."According to TurboTax, we predict that people will see $500 more in their refund or $500 less," Green-Lewis said. One of the first big changes, your standard deduction is now up to $15,750 for single filers and $31,500 for married filing jointly. Also, a major increase in the amount you can deduct for your "SALT," the state and local taxes. The cap increased from $10,000 to $40,000. A big change for those over 65 as well, who can now claim an additional $6,000 deduction for each person. Again, that's in on top of current deductions! But remember, this isn't free money. "Deductions are not a dollar-for-dollar reduction of your taxes that you owe. So, it's based on your tax rate," Green-Lewis said.For tips, you can now deduct up to $25,000 of tips earned. For overtime, a maximum deduction of $12,500 of what was earned and $25,000 if married.Don't forget those important credits! "Under the new tax law, the child tax credit increased from $2,000 to $2,200 for your kids, each child under 17," Green-Lewis said. Something you'll no longer receive are some energy efficient credits, like solar panels or energy efficient windows. Any electric cars purchase after September 30, 2025, will no longer be eligible for a credit. Also, big news for anyone with a car loan: this temporary rule will allow you to deduct up to $10,000 in car loan interest for the year. Obviously, there are caveats with many of these, so make sure to do your research. It's a great weekend to get everything together!Do you have an issue with a company that you haven't been able to resolve? If so, 7 On Your Side wants to help you! Fill out the form below or email your questions, issues, or story ideas by filling out the form below or by emailingWithout a phone number, 7 On Your Side will not be able to respond.
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