⦁ No changes in tax rates

⦁ No changes for investment taxes or retirement savings

⦁ New standard deduction of $31,500 filing jointly and $15,750 single

⦁ State and local taxes income limitations increased to $40,000

⦁ New non-itemized $6,000 deduction for seniors

⦁ Roth conversions may be advantageous

⦁ Mortgage interest deduction extended to the first $750,000 of acquisition debt, excluding home-equity debt

⦁ New non-itemized tip income deduction of $25,000

             Reminder: Social security and Medicare still apply

⦁ New non-itemized overtime deduction of $12,500 single, $25,000 married filing jointly, but $0 married filing separately

⦁ New non-itemized car loan interest deduction of $10,000 for first lien interest on new cars with final assembly in the U.S.A.

            Reminder: New cars with a VIN that begins with 1, 4, or 5 are eligible,             do not use the manufacturer's country of origin

⦁ Child tax credit increased to a nonrefundable $2,200 per child and refundable $1,400 per child

⦁ Wagering loss deductions are limited to 90% of wagering losses

⦁ 529 plans now cover K-12 expenses beyond tuition

⦁ 529 plans now cover $20,000 of K-12 tuition per year

⦁ Clean energy vehicle tax credits now expire September 30, 2025

⦁ Energy-efficient home improvement tax credits now expire December 31, 2025

⦁ Residential clean energy credit qualifying deadline is now December 31, 2025

⦁ Trump accounts for children made available, invested in indexed ETFs and mutual funds

⦁ Contributions must be made to the Trump account before the beneficiary turns 18, after which it turns into an IRA

⦁ The government will contribute $1,000 towards a new Trump account for children born between 2025 and 2028