Trump’s new tax bill changed the game for pretty much every taxpayer, and most people in North Carolina still don’t fully understand what Trump tax changes 2026 filers need to know when filing their 2025 return. The “One Big Beautiful Bill Act” became law last summer, but I’m still getting questions every day about these tax changes. So let’s talk about what you need to know as you file this year.
What Changed for Your 2025 Return
First up, the SALT deduction cap jumped from $10,000 to $40,000. If you own a home in North Carolina and itemize, this is huge. You paid property taxes plus state income taxes in 2025 – now you can deduct up to $40,000 combined instead of just $10,000.
Meanwhile, seniors 65 and older get a $6,000 deduction. Married couples where both qualify? That’s $12,000. However, it phases out starting at $75,000 for singles or $150,000 for couples.
Parents also benefit. The child tax credit went from $2,000 to $2,200 per kid for 2025. Additionally, new “Trump Accounts” let you save for children born between 2025-2028, with the government kicking in $1,000 to start.
Service Workers and Business Owners
Service industry folks can now deduct up to $25,000 in tip income through 2028. Similarly, overtime pay got its own deduction. But here’s the critical part: you must report this income correctly first. Keep detailed records of every tip and overtime hour.
Business owners should note that bonus depreciation went back to 100% for property purchased after January 19, 2025. This creates immediate write-offs for equipment purchases.
Important Disclaimer’s
Understanding Trump tax changes 2026 requires knowing the limits of tax advice. While we help you maximize deductions and credits on your tax return, we’re tax professionals – not financial advisors.
We don’t provide investment advice or tell you where to invest your savings. If you’re wondering how to invest your tax refund or structure your retirement contributions beyond the tax implications, consult a licensed financial advisor. They specialize in investment strategies, portfolio management, and wealth building.
We focus on what we do best: helping you legally minimize your tax liability and claim every deduction you’ve earned.
What You Should Do Now
Pull together your 2025 documents and figure out which deductions apply to you. Compare what you’ll owe under these new rules versus old law. Schedule a tax consultation to make sure you’re claiming everything correctly.
For investment and wealth management questions, work with a qualified financial advisor alongside your tax planning. The combination of good tax strategy and smart financial planning works best.
Gibson Tax helps North Carolina taxpayers navigate Trump’s tax changes and maximize deductions. Contact us for expert tax preparation – and ask us for financial advisor referrals if you need investment guidance.
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