FRESNO, Calif. (KFSN) — Filing taxes this year may look different as new changes from President Trump’s “One Big Beautiful Bill Act” are now taking effect.
Tax Maverick AI, CEO David A Perez, says there’s a big gap between what people think the new law does and how they actually need to file to avoid an audit.
“You should be patient in filing,” he said. “You shouldn’t rush to file, especially if you’re going to want to take advantage of the Big Beautiful Bill changes. Like, the interest deduction on auto loans for vehicles that are manufactured in the U.S., you get up to $10,000.
The law also eliminates taxes on tips, allowing eligible workers to deduct up to $25,000.
Hourly workers earning overtime may also benefit from a deduction of up to $12,500.
Business owners using third-party payments, including Venmo and Cash App, will notice the reporting threshold has been raised.
Digital asset transactions on gains and losses for crypto traders must also be reported.
“You want to make sure it’s accurate because one of the challenges that’s going to arise if you make alterations to your return, they’re going to be manual, and those manual adjustments are not going to reconcile with the IRS master files,” Perez said. “That can trigger an audit that can trigger a review, and these are things you don’t necessarily want to go through.”
In addition to making sure there is no missing income, you also want to keep in mind that estate tax returns tend to be audited at a higher rate, mainly because of undervalued assets.
The deadline to file is April 15 unless you file for an extension.
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