Core Points - The One, Big Beautiful Bill Act (OBBBA) signed by Donald Trump introduces significant changes to the tax code, particularly affecting below-the-line deductions [1][2] - The OBBBA makes permanent the tax cuts from 2017 and introduces new relief measures, especially in terms of deductions [2][3] Tax Changes - The standard deduction has increased from $15,000 to $15,750 for single filers and from $30,000 to $31,500 for married/joint filers to account for inflation [4] - The State and Local Tax (SALT) deduction limit has been raised from $10,000 to $40,000, with a 1% annual increase until 2029, reverting to $10,000 in 2030 [4] Strategic Tax Planning - Taxpayers in high-tax states are advised to accelerate payments to maximize the $40,000 SALT cap, especially if their Adjusted Gross Income (AGI) is below the phaseout threshold [5] - Seniors are encouraged to consider Roth conversions or manage retirement distributions to qualify for the full senior deduction of $6,000, with income caps of $75,000 for single filers and $150,000 for married/joint filers [5] Deductions for Vehicle Purchases - The OBBBA allows a $10,000 auto loan interest deduction for qualifying vehicles assembled in the U.S., with a phaseout for Modified Adjusted Gross Income (MAGI) above $200,000 for married/joint filers and $100,000 for single filers [6]