KNOW YOUR RIGHTS

CHILD TAX CREDIT, 179 BUSINESS DEDUCTION

Maximum deduction: The maximum amount a business can expense is $2.5 million. Some sources report a slightly different figure, possibly reflecting inflation adjustments.
Phase-out threshold: The deduction begins to phase out on a dollar-for-dollar basis if a business places more than $4 million of qualifying property into service during the year.
Full phase-out: The deduction is completely eliminated for businesses that place more than $6.5 million in eligible assets into service.

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THE BIG BEAUTIFUL BILL ...ALLOWS

It includes a permanent $200 increase in the child tax credit, a 1% tax on remittances, and a tax hike on investment income from college endowments. It phases out some clean energy tax credits that were included in the Biden-era Inflation Reduction Act, and promotes fossil fuels over renewable energy.

New deduction: Effective for 2025 through 2028, individuals who are age 65 and older may claim an additional deduction of $6,000. This new deduction is in addition to the current additional standard deduction for seniors under existing law.

The $6,000 senior deduction is per eligible individual (or $12,000 total for a married couple where both spouses qualify).
Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).

Qualifying taxpayers: The taxpayer must attain age 65 on or before the last day of the taxable year.

Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers.

Taxpayers must:

Include the Social Security number of the qualifying individual(s) on the return
File jointly, if married, to claim the deduction