In this episode, I dive into the new tax law called the One Big Beautiful Bill Act, focusing on two major updates: the car loan interest deduction and the expiring energy tax credits. I explain why understanding these new tax rules matters, especially if you're considering a clean vehicle tax credit or planning energy efficiency improvements for your home.
With key deadlines approaching, I want to give you clear, actionable insights so you can maximize your tax benefits and make the most of these opportunities before they expire.
Also mentioned in today's episode:
01:00 Overview of the One Big Beautiful Bill Act
03:37 New Car Loan Interest Deduction
13:04 Expiring Energy Credits and Deadlines
Takeaways
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The new tax law is called the One Big Beautiful Bill Act.
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There are new deductions for car loan interest starting in 2025.
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Tax credits for clean vehicles are expiring soon.
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The deadline for clean vehicle tax credits is September 30th.
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The car loan interest deduction is only applicable to new cars.
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You must have the VIN number to claim the car loan deduction.
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Energy efficiency improvement credits are also expiring soon.
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The residential clean energy credit is set to expire in 2025.
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Commercial vehicle tax credits are available for businesses.
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Other Sunlight Tax podcast episodes about OBBBA:
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Unpacking Trump's New Tax Law: What You Need to Know About the One Big Beautiful Bill Act
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New Tax Bill: No Tax on Tips, No Tax on Overtime, and New Deduction for Seniors
Links:
Check out my program, Money Bootcamp
Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You're Self-Employed.
Link to pre-order my workbook, Taxes for Humans: The Workbook
Get your free visual guide to tax deductions
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