Tax cuts are the centerpiece of a massive legislative package championed by President Trump and passed Tuesday by Senate Republicans. Stream NBC 5 for free, 24/7, wherever you are. Many new tax breaks ...

Last year, data show Americans drove away from dealerships with more than 16.3 million new vehicles, with roughly 80% of buyers reportedly relying on financing to purchase. So far in 2026, average car ...

Taxpayers who buy a new car assembled in the U.S. may be able to deduct up to $10,000 from their taxable income beginning in 2025. To help sort out the details, the IRS is rolling out additional ...

The sweeping GOP tax bill calls for an above-the-line deduction of up to $10,000 in car loan interest during a given taxable year. You'd pay no tax on that interest, if you qualified. The proposed tax ...

The basics of the car loan interest deduction is that it must be a new vehicle assembled in the United States, with the loan being a first lien on the vehicle. The deduction has an annual limit of $10 ...

Rep. Bill Huizenga introduced the Made in America Motors Act, proposing a tax deduction on interest paid on U.S.-assembled vehicle loans. The proposed deduction allows up to $2,500 per year for ...

(WFSB) - Filing taxes may be more complicated this year as several new deductions take effect for the first time. The changes are part of the “Big Beautiful Bill,” which introduced new tax deductions ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...

When the One Big Beautiful Bill Act (OBBBA) was signed into law in 2025, there was one provision that got a ton of attention ...

Still confused about the One Big Beautiful Bill Act (OBBBA)? The IRS has issued some initial guidance with respect to new provisions that take effect for 2025. Still confused about the One Big ...