Month: December 2025
Implementation of OBBBA deductions for auto loan interest, seniors, tips and overtime compensation
By Mark Sipos, LFG Tax Director The One Big Beautiful Bill Act (OBBBA) was enacted in July 2025 and contained several new tax deductions that we have previously highlighted for you. This month, we want to focus on the specifics of four of the new tax deductions that may be available to you. Auto Loan Interest Deduction This is a temporary tax deduction available for qualified vehicles purchased in tax years 2025 through 2028. The key details for you to be aware of are: You can deduct up to $10,000 in interest paid annually. The loans must have originated after December 31, 2024, and before January 1, 2029. This is an “above-the-line” deduction, meaning you do not have to itemize your deductions to claim the deduction. The deduction is subject to Modified Adjusted Gross Income phase-outs. The vehicle must be a new vehicle, gross vehicle weight must be under 14,000 pounds, and final assembly must have occurred in the United States. VIN numbers starting with a “1”,”4”, or “5” typically indicate U.S. assembly. Commercial vehicles do not qualify, personal use only. Qualified Tips Deduction Qualified tips deduction provides a temporary tax deduction available for tax years 2025 through 2028. Deductible amount is $25,000 annually per individual. The tips must be received from an occupation that customarily and regularly receives tips, and the tips must be voluntary. The deduction is subject to Modified Adjusted Gr
Powell says Fed is “well positioned to wait and see”
By Chad Roope, CFA ® Chief Investment Officer On Wednesday, Dec. 10, the Federal Reserve (Fed) cut the Fed Funds Rate by one-quarter of a point (0.25%) to 3.5% as widely expected. The Fed Funds Rate is the baseline interest rate the Fed sets to control other interest rates and money supply throughout the economy. Lower interest rates usually stimulate economic growth as they make money less expensive to borrow, and higher interest rates usually slow economic growth as they make money more expensive to borrow. The Fed raises and lowers rates to try and balance inflation and employment, with the goal of fostering solid economic growth that supports full employment without stoking excessive inflation. As seen in the chart below, the Fed has now cut rates by 1.75% from 5.25% to 3.5% since September 2024, after an aggressive hiking cycle and pause that started in March 2022. The hikes that started in March 2022 were designed to slow economic growth to stave off one of the largest inflation spikes in U.S. history post-COVID. The Fed then judged in September 2024 that the mission had largely been accomplished and that rates needed to come down to support employment and the economy. Now, however, we have likely entered a new phase. Fed Chairman Jerome Powell indicated last Wednesday that the Fed is now “well positioned to wait and see” given the rate reductions since September 2024. We think this means they will hold interest rates steady for some
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Case studies are intended to illustrate the types of financial issues faced by actual clients. They should not be construed as a testimonial for or endorsement of Lineweaver Wealth Advisors. They do not represent the experience of any advisory client. Each client’s situation is different, and their goals may not always be achieved. Lineweaver Wealth Advisors, LLC, is not engaged in the practice of law or accounting. Tax information provided is general in nature and should not be construed as legal or tax advice. Always consult an attorney or tax professional regarding your specific legal or tax situation. Tax rules and regulations are subject to change at any time.
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