New Delhi, July 6 -- President Trump's new tax law gives special breaks to workers, seniors, and homeowners - but only if your income is low enough. For example, servers and bartenders won't pay taxes on up to $25,000 of tips if they make under $150,000 a year (or $300,000 for married couples).

Overtime pay gets a $12,500 deduction under the same rules. Seniors aged 65+ can claim a $6,000 tax bonus if they earn less than $75,000 ($150,000 for couples).

These cuts start this year and expire in 2028. However, people earning above these limits get smaller deductions or none at all, so checking your income is crucial.

Homeowners in high-tax states like New York or California get relief too. The law raises the deduction for state and local ...