CHICAGO (WLS) — Mark your calendars: the tax season kicks off on Monday, January 26.

This year ushers in several changes courtesy of President Donald Trump’s “Big Beautiful Bill,” promising to shake up the tax landscape.

Key alterations include the elimination of taxes on tips and overtime pay, a new deduction for interest paid on certain car loans, and an increased standard deduction.

For the current tax year, the standard deduction has been adjusted to $31,500 for married couples and $15,750 for individuals.

“The standard deduction is an automatic deduction available to everyone who files a tax return,” explained Mark Gallegos, a partner at Porte Brown Accountants and Advisors. “Taxpayers can choose between the standard deduction or itemizing their deductions, and since most Americans opt for the standard deduction, it’s been raised this year.”

He calls it a great way to save on taxes. As for what’s described as no tax on tips, Gallegos explains it this way: “If you receive tip income, you’re a server right, you’re still going to pay taxes on those tips just like you normally would. But now we have a tip deduction. And what that is that assuming you meet the requirements, you can get up to a $25,000 of that to be a deduction.”

Gallegos said this year your W-2 will not be updated: “So, it’s going to be harder, so it’s more important to keep those records, those logs, what you’ve received in order to give your tax preparer that information.”

People who bought a new car last year, might be able to take a deduction for some of the interest they’ll pay if they took out a loan.

“You can get up to $10,000 of the interest you’re paying on that as a deduction. Now, that car has to be assembled in the U.S. Also, you’re going to have to report the VIN number of that car when you file your tax returns so it lines up.”

He says leased vehicles to not qualify.

Gallegos urges people to get organized early, file early and file electronically.

If you do so and if you use direct deposit you could have your refund in about 21 days.