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One Big Beautiful Bill tax changes​

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General deduction changes

  • Personal exemptions are eliminated

  • Overtime pay received deduction (No Tax on Overtime)

  • Form 1099- k reported only if total payments are over $20,000 and received over 200 transactions on any one platform (example) uber, lyft, door dash, empower- business

  • Increased Child Tax Credit to $ 2,200 per child

  • Clean Vehicle "New or Old "Credits repealed (EV tax credits)

  • Residential energy credits repealed

  • Adoption Credit refundability

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A solution for every tax situation

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© 2015 M. Peterson

Tax Preparation & Planning

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