Big tax changes are coming in 2024, thanks to the One Big Beautiful Bill Act. Senior citizens can now claim an additional deduction of up to $6,000 (or $12,000 for married couples), while service workers can deduct up to $5,000 in tip income. Overtime workers can deduct up to $12,500. The Child Tax Credit increases to $2,200 per child, and auto loan interest deductions are available for new American-made vehicles. However, some energy credits are sunsetting. Financial advisors anticipate increased complexity for the 2024 tax season.
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