Tom O'Saben

It's the first thing that locked up tax returns for me meeting with clients this year.

And I thought that would be something to throw in at the

So that's kind of really outside of what we would expect everybody to be concentrating on when you talk about the one big beautiful bill act.

And that's the idea of, and let me make sure that we get this clarification.

When you watch and see what politicians have to say, they talk about, well, that tips are no longer taxable.

And then overtime is no longer taxable.

And Social Security is no longer taxable.

You can't see it, but you can feel the hair on the back of my neck bristling when I hear those statements.

Because what it really is, is the one big beautiful bill created a tip deduction, an overtime deduction.

Social Security benefits could still be taxable.

What they really did in that respect is that persons who are age 65 or over, they now qualify for what is called a senior deduction.

It's $6,000 per person.

They don't have to be on Social Security.

They just have to be age 65 by the end of the year.

And that's in addition to the regular standard deduction, correct?

Sean, that's a great point.

That's exactly correct.

It is a separate deduction.

And all of these deductions, when we talk about them, are what we call below the line.

So they do not impact adjusted gross income.