BATON ROUGE – Tax professionals are urging people not to rush to file their income taxes this year, warning that new deductions and reporting changes could affect returns. That’s because several new deductions passed under the one big beautiful bill that is being incorporated into tax forms, according to local tax preparers.
The bill also includes a 2.8 percent cost-of-living increase for Social Security recipients. For those with Affordable Care Act plans, there may be higher costs. The bill changes the child tax credit and introduces new deductions related to car loans, overtime work, and tip income.
“If you purchased a car in 2025, you can deduct up to $10,000 of interest paid on your car loans this tax year,” said Joy Whitfield of J. Whitfield Tax Services…