The OBBB’s Temporary Senior Deduction: What You Need to Know
If you’re 65 or older, the One Big Beautiful Bill Act (OBBB) offers a temporary extra tax break from 2025 through 2028. Taxpayers aged 65 or older at the end of the year can claim an additional $6,000 deduction per person. This is in addition to your standard deduction and the existing extra standard deduction for age or blindness. If you and your spouse are both 65+, you could receive an extra $12,000 in deductions. You’re considered 65 on the day before your 65th birthday. For example, if you turn 65
Updated Bays License Plate for Maryland Drivers
Updated Bays License Plate for Maryland Drivers District 38 State Senator Mary Beth Carozza, in partnership with the Maryland Department of Transportation Motor Vehicle Administration (MDOT MVA), Maryland Coastal Bays Program, and Chesapeake Bay Trust revealed an updated design for the Maryland bay license plate. Funds from the Chesapeake Bay license plate have long been invested in both the Chesapeake and Coastal Bays; now the new design will reflect that emphasis on the Coastal Bays as well. “Today
Tip Deduction in the OBBB Act: What Business Owners Need to Know
You may have seen headlines buzzing about a “No Tax on Tips” provision in the newly passed One Big Beautiful Bill Act. As catchy as that phrase sounds, it’s not quite accurate. The legislation does not exempt all tip income from taxation. What it does provide is a limited but meaningful deduction for certain workers and a series of administrative hurdles for employers. Let’s break down what this new tip deduction is, how it works, and what business owners need to do now before it takes effect in
