US Edition4 smart moves to cut your 2025 tax bill under new rules
Morningstar details four tax strategies including maximizing new deductions and timing income to help middle-income taxpayers optimize 2025 savings under temporary One Big Beautiful Bill Act provisions.
- Morningstar, via a four-step guide, distributed by The Associated Press, details four ways U.S. taxpayers can maximize 2025 tax savings under the OBBBA.
- The OBBBA added temporary, income-sensitive tax breaks, including boosting the SALT cap from $10,000 to $40,000 for 2025–2029, making guidance crucial.
- The law offers new deductions including the qualified tips income deduction , qualified overtime pay deduction , and seniors deduction .
- Make 2025 HSA contributions before the April 2026 filing deadline; Morningstar said deductible 2025 IRA contributions and maximizing 401 and HSA accounts lower MAGI and lock in tax savings.
- According to Morningstar and Sheryl Rowling, MAGI thresholds at $500,000 and SALT reverts at $600,000; model 2026 Roth conversions with an adviser to avoid losing benefits.
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50 Articles
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When Uncle Sam comes knocking at your door this April, you may owe him less than you think. If you’re lucky, he might even deliver a refund, one that’s bigger than you expect. That’s because taxpayers this year are filing returns in the aftermath of the One Big Beautiful Bill Act, which delivers on a variety of President Trump’s 2024 campaign promises, such as eliminating taxes on tips and Social Security, even though Congress watered them down …
The Reporter
4 smart moves to cut your 2025 tax bill under new rules
Sheryl Rowling of Morningstar The One Big Beautiful Bill Act made some long-awaited permanent changes to the tax code. It also introduced short-term tax breaks that come with strict limits and phaseouts, and many of them are only available through 2028 or 2029. Here are four ways to get the most out of the OBBBA’s temporary provisions as you file your 2025 taxes and plan ahead. 1. Don’t dismiss itemizing your deductions The OBBBA temporarily boo…
Quadrupled SALT deduction limit means more taxpayers will benefit from itemizing on their 2025 returns | Hoberman & Lesser
An important decision to make when filing your individual income tax return is whether to claim the standard deduction or itemize deductions. A change under the One Big Beautiful Bill Act (OBBBA) will make it beneficial for more taxpayers to itemize deductions on their 2025 returns. Specifically, if you paid more than $10,000 in state
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