I highly recommend that you get to understand these items (Tips, Overtime, Car Loans, More), so that you can EDUCATE your employees or give them the fact sheet.
Why? Because if we show our employees and we care about them, they might actually stay and refer their friends, thereby helping us attract and retain!
This IRS Fact Sheet helps explain some tax deductions for working Americans and seniors>>>> https://www.irs.gov/newsroom/one-big-beautiful-bill-act-tax-deductions-for-working-americans-and-seniors
“No Tax on Car Loan Interest”
New deduction: Effective 2025 – 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle with a maximum annual deduction is $10,000. Deduction phases out for taxpayers with modified AGI over $100,000 ($200,000 for joint filers).
Qualified interest: To qualify for the deduction, the interest must be paid on a loan that is: originated after December 31, 2024, used to purchase a vehicle, the original use of which starts with the taxpayer (used vehicles do not qualify), for a personal use vehicle (not for business or commercial use) and secured by a lien on the vehicle. If a qualifying vehicle loan is later refinanced, interest paid on the refinanced amount is generally eligible for the deduction.
Qualified vehicle: A qualified vehicle is a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle weight rating of less than 14,000 pounds, and that has undergone “final assembly” in the United States.
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What else?
HSA Telehealth Provisions: Pandemic-era telehealth relief is now permanent under the OBBB (Pub. L. 119-21).
HDHPs may cover telehealth/remote care pre-deductible without jeopardizing HSA eligibility. 🎯
This applies retroactively to plan years beginning after Dec. 31, 2024 (i.e., 2025 plan years). Employers should coordinate with carriers/TPAs to update plan documents, claims systems, and participant communications.
