Anyone that bought a 2025+ 1500 remember to file your taxes

[Farmer Fran]

Has to be in a certain time frame. but,

From Google AI

"The 2025–2028 federal car loan interest deduction allows taxpayers to deduct up to $10,000 annually of interest paid on loans for new, U.S.-assembled personal vehicles. It is a tax-filing deduction (not a rebate) that lowers taxable income, applicable for loans originated after Dec. 31, 2024, with income limits starting at
$100,000 (single) or $200,000 (joint)

 

[turkeybird56]

Has to be in a certain time frame. but,

From Google AI

"The 2025–2028 federal car loan interest deduction allows taxpayers to deduct up to $10,000 annually of interest paid on loans for new, U.S.-assembled personal vehicles. It is a tax-filing deduction (not a rebate) that lowers taxable income, applicable for loans originated after Dec. 31, 2024, with income limits starting at
$100,000 (single) or $200,000 (joint)

Bummed, guess my 2019 bought in 2018 not qualify, lol.

 

[Mlarv5]

Yup I filed for my 25 interest I paid.

 

[Dean2]

Rea

Has to be in a certain time frame. but,

From Google AI

"The 2025–2028 federal car loan interest deduction allows taxpayers to deduct up to $10,000 annually of interest paid on loans for new, U.S.-assembled personal vehicles. It is a tax-filing deduction (not a rebate) that lowers taxable income, applicable for loans originated after Dec. 31, 2024, with income limits starting at
$100,000 (single) or $200,000 (joint)

Really good heads up FF. That is the kind of deduction that is easy to miss.

 

[Grams]

What Possible Help is this (yet another) scam…on Rams which are ASSembled in Saltillo, Mexico…?!?

 

[Farmer Fran]

What Possible Help is this (yet another) scam…on Rams which are ASSembled in Saltillo, Mexico…?!?

It was a tax cut for the whole "made in the USA" thing - you have to go read about it

 

[oe542bob]

I did my federal taxes and most of the Big Beautiful Bill tax credits were no good to me. Extra $6k for my wife and I (age- over the $$ limit), interest paid on a 2025 car loan (nope-went over the $$ limit), but I was able to write off about 75% of my overtime ( not all because of $$ limits). Oh yea, No Tax On Social Security-ha-another not available.
But I’m sure the rich don’t have any issues!

 

[Mlarv5]

I did my federal taxes and most of the Big Beautiful Bill tax credits were no good to me. Extra $6k for my wife and I (age- over the $$ limit), interest paid on a 2025 car loan (nope-went over the $$ limit), but I was able to write off about 75% of my overtime ( not all because of $$ limits). Oh yea, No Tax On Social Security-ha-another not available.
But I’m sure the rich don’t have any issues!

I am by all means not Rich (Rich is my brothers name, mine is Mike). I didn't qualify for the OT write off, or tax on tips, because I don't work any longer. The rest helped me out. Now if I could write off the beer I drink, I would have got back a lot more money.

 

[Farmer Fran]

I did and do not want this to turn in to a ****show, it was a simple reminder that there is an entity out there...

 

[Hanover Fiste]

My taxes were done a few days ago. I found out if enough taxes aren't taken out of your paycheck, you get penalized! What a scam!

The more you make, the more they take!

 

[Burla]

I did my federal taxes and most of the Big Beautiful Bill tax credits were no good to me. Extra $6k for my wife and I (age- over the $$ limit), interest paid on a 2025 car loan (nope-went over the $$ limit), but I was able to write off about 75% of my overtime ( not all because of $$ limits). Oh yea, No Tax On Social Security-ha-another not available.
But I’m sure the rich don’t have any issues!

the extra credits were cool for those who get them, but just for info the largest portion of that bill was to extend the temporary cuts from his 2016 bill and make them permanent.

Circa 2017- The seven-rate structure (10%, 15%, 25%, 28%, 33%, 35%, 39.6%) was in place.

For the 2026 tax year, the U.S. federal income tax system uses seven progressive rates: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Tax

And oh yeah they doubled the standard deduction which was way over due. Married deduction 31k and single 15k, so if you are married you aren't taxed on the first 31.5k and a lower rate on the rest, all because of three big beautiful bill, no feelings here just facts. For most people this doubled the standard deduction and dropped their rate 3%.

So I am guessing this credit was never available for anyone taking the standard deduction?

.

Some people seam to miss the old tax rates, like realtors but unless you have 100k in deductions like coffee with the office girl then chances are you pay a lot less tax.
.

 

[06 Dodge]

the extra credits were cool for those who get them, but just for info the largest portion of that bill was to extend the temporary cuts from his 2016 bill and make them permanent.

Circa 2017- The seven-rate structure (10%, 15%, 25%, 28%, 33%, 35%, 39.6%) was in place.

For the 2026 tax year, the U.S. federal income tax system uses seven progressive rates: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. Tax

And oh yeah they doubled the standard deduction which was way over due. Married deduction 31k and single 15k, so if you are married you aren't taxed on the first 31.5k and a lower rate on the rest, all because of three big beautiful bill, no feelings here just facts. For most people this doubled the standard deduction and dropped their rate 3%.

So I am guessing this credit was never available for anyone taking the standard deduction?

.

Some people seam to miss the old tax rates, like realtors but unless you have 100k in deductions like coffee with the office girl then chances are you pay a lot less tax.
.

I can't complain my IRS tax bill this year was 1400 lower than last year, I'm retired so that 6K credit along with the higher standard ductions in the new tax bill saved me some $$$, what's a killer is the IRS takes a big chunk of your interest income

 

[Skearns]

My taxes were done a few days ago. I found out if enough taxes aren't taken out of your paycheck, you get penalized! What a scam!

The more you make, the more they take!

Look at your exemptions. You can change it to have more fed tax taken out each month so you won’t owe when you file. You aren’t penalized per se (as I understand it anyway) - they just take what you should have paid anyway.

As an aside, lots of people brag about getting huge refunds……..that’s not a good thing. All they did was give Uncle Sam an interest free loan instead of having that money to do with what they want. I try to get as close to $0 refund as possible.

 

[Burla]

Not that it matters, but we are at about zero after the 2017 rate change, before then we'd pay thousands. I think we still pay the fed, but get the same amount back from the state. I guess I need to get a job that allows tips, I think I'm too old to be a *** pole dancer, and to make it more troublesome I'm not ***, but sure wouldnt mind some tips.

 

[Docwagon1776]

So I am guessing this credit was never available for anyone taking the standard deduction?

Credits and deductions are different things.

Think of deductions as hiding some of your income from the tax man. When calculating your taxes, it reduces the bill.

Think of a credit like a gift card for the IRS. You get your bill and *then* get to use the gift card.

So tax credits are much more valuable than a deduction of the same amount. You get 100% of the credit regardless of your effective tax rate, if you do standard deductions or itemize, etc are completely irrelevant.

 

[Burla]

Credits and deductions are different things.

Think of deductions as hiding some of your income from the tax man. When calculating your taxes, it reduces the bill.

Think of a credit like a gift card for the IRS. You get your bill and *then* get to use the gift card.

So tax credits are much more valuable than a deduction of the same amount. You get 100% of the credit regardless of your effective tax rate, if you do standard deductions or itemize, etc are completely irrelevant.

cool I did not know, so you can claim credits plus the standard deduction?

 

[Docwagon1776]

cool I did not know, so you can claim credits plus the standard deduction?

Yup, they don't interact. Credits come in two types. Nonrefundable can take your taxes to zero. Refundable credits can take it below zero. Much more valuable than deductions.

To further the gift card analogy: A deduction is the item going on sale, it reduces the price. A credit as the 'gift card' means you can use it to pay that price, and maybe even get change back if the gift card is worth more than the price of the item.

Over simplified:

Income - deductions = taxable income.

Taxable income * effective tax rate = presumptive taxes owed.

Presumptive taxes owed - tax credits = actual tax bill.

 

[Burla]

Informational doc thanks

 

[Docwagon1776]

Informational doc thanks

Sure. If yours are simple and your income qualifies, you can use a free service through the IRS: https://apps.irs.gov/app/freeFile/browse-all-offers/

Even if you effectively owe nothing, it's worth it to see if you qualify for any credits since a refundable could mean you get a negative tax bill and get paid.

I use a CPA, same business for over 20 years though my original accountant retired. It's within $50 of what the software costs to do it myself and they know all the questions to ask to see if there's anything I qualify for. Since I didn't pay any foreign taxes in 2025 (I used to have investments in Canadian energy/oil companies but sold everything in 2023 and 2024), this year will be a bit simpler for me.

 

[Hanover Fiste]

Look at your exemptions. You can change it to have more fed tax taken out each month so you won’t owe when you file. You aren’t penalized per se (as I understand it anyway) - they just take what you should have paid anyway.

My exemptions were set for married/0, so I changed it to single/0 a few days ago; more taxes are supposed to be taken out each check now.

I was penalized $79 for not having enough taxes taken out, so I had to pay that in addition to my tax bill. The preparer told me a previous client was penalized $700 for the same thing!

I'm fully retired now, so hopefully my taxes will be reduced next year; unfortunately, if I start withdrawing SS this year, it may change.