Thanh D. Nguyen, EA

Thanh D. Nguyen, EA Thanh D. Nguyen, EA
Enrolled Agent
Licensed by the IRS, admitted to practice tax law before the IRS. Enrolled Agent is the one licensed by the U.S.

Government to represent taxpayers before the Internal Revenue Service (I.R.S.). Nguyen, EA has over 30 years of experience in the profession of U.S. federal and state tax preparation. He was admitted to practice tax laws and has been representing taxpayers at all levels before the Internal Revenue Service (IRS) and in any States; any California's Employment Development Departments (EDD), and the

California's State Board of Equalization. His firm has been actively rendering yearly tax service to many U.S. Citizens and Non-U.S. Citizens who have been residing in the U.S.A, and other countries where they need to file their U.S, tax returns. His firm also provides and manages the individual and business entities that need the following services: federal or state tax audits, tax appeals, prior-years tax amendments, lately filed tax returns compliance, bookkeeping, and employer's payroll tax services.

These tax changes are amongst the new deductions and exemptions which have been proposed or still unchanged by the new p...
06/22/2025

These tax changes are amongst the new deductions and exemptions which have been proposed or still unchanged by the new proposal budget bill. After it’s finally approved by the Senators and signed by Trump, it will be effectively starting from 2025.

Thanh D. Nguyen, EA
Enrolled Agent

The Senate’s version of the mega tax bill keeps popular benefits like no taxes on overtime and tips, an additional tax deduction for those 65 years and older, and a deduction for state and local taxes (SALT). However, the Senate’s tweaks, if passed, may make those tax benefits less beneficial for individual taxpayers, some accountants said.

No tax on tips and overtime pay - Eliminating taxes on tips and overtime pay is one of Trump’s most popular campaign promises, and the Senate kept it – but with a cap.

Bonus deduction for seniors - The Senate proposed a $6,000 “bonus deduction” for those aged 65 and older, but eligibility is capped at $75,000 in income for single filers and $150,000 for couples. The deduction would be available from 2025 through 2028, and would supplement, but not replace, the existing extra standard deduction already available to older adults. For 2025, a single filer age 65 or older can claim an extra $2,000, while married couples filing jointly can add $1,600 for each spouse over 65 in addition to the standard deduction available to all taxpayers. The Senate’s bonus deduction would be on top of those. The House agreed on a $4,000 bonus deduction with similar eligibility parameters and duration. Bonus deductions are meant as a substitute for Trump’s promise of no tax on Social Security because the budget reconciliation process doesn’t allow provisions related to Social Security, according to the Bipartisan Policy Center.

SALT (State and local taxes) deduction - Individual taxpayers could lose big under the Senate’s version of the controversial SALT, or state and local tax, deduction. In 2017, Trump’s first major tax bill capped SALT at $10,000. Before that, it was uncapped, meaning individuals could deduct all their state and local taxes on their federal tax returns. The cap was seen as mostly hurting many big Democratic states like New York with high state and local taxes. The House plan raises the cap to $40,000 for individuals earning $500,000 or less. The Senate kept the current $10,000 cap and said passthrough entity taxes (PTE) would now be subject to the $10,000 limit.

Source: USA Today

The Senate's version of the One Big Beautiful Bill takes the shine off some of Trump's most popular promises. Here's why.

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