Key Highlights
- But the upcoming tax season likely will have its share of hiccups, including potential delays and extra confusion as many households try to figure out whether they qualify for lucrative new deductions for tip income, overtime pay, car loan interest and the new tax break for those 65 and older.
- The new tax breaks come with restrictions that many tax filers likely won't expect and definitely won't understand without taking time to review them.
- And you'll need to file a new Schedule 1-A — which was only available online in draft form in late December — to claim key tax breaks, including those for overtime, tips, seniors and car loans.
- You cannot file a draft form with the IRS.
- Another big change: The IRS will no longer be issuing tax refunds by paper check to most individual taxpayers.
