OB3 Act: New Schedule 1-A Draft Released
The IRS released a draft of the new proposed Schedule 1-A, Additional Deductions, for the new One Big Beautiful Bill Act (OB3 Act) deductions that are below-the-line: Qualified tips deduction (new §224), Qualified overtime deduction (new §225), Qualified passenger vehicle loan interest (amended §163), and Enhanced senior deduction (amended §151). The draft Schedule 1-A provides great insight […]