How the New Car Loan Interest Deduction Works in 2026

New 2026 Car Loan Interest Deduction Explained | Save on Your Taxes!In this video, CPA and certified private wealth advisor Stephen Lee covers the newly introduced Qualified Passenger Vehicle Loan Interest Deduction effective for the 2026 tax season. This deduction allows some taxpayers to write off up to $10,000 in car loan interest without itemizing, provided that specific conditions are met. Stephen explains how to qualify for this deduction, including the 'Made in America' requirement for vehicle assembly, the impact of timelines, phase-out limits based on income, and the differences for business owners. Learn how to maximize this tax-saving opportunity and avoid common mistakes. Don't forget to like, subscribe, and leave your questions in the comments!00:00 Introduction to New Car Loan Interest Deduction00:50 Overview of the Qualified Passenger Vehicle Interest Deduction01:34 Eligibility Criteria for the Deduction01:46 Made in America Requirement02:12 How to Check Your Vehicle's Eligibility02:53 Business Owners vs. Personal Use03:36 Income Limits and Phase-Outs04:16 How to Claim the Deduction04:41 Conclusion and Final TipsSubscribe for more tips and strategies tailored for business owners and high earning professionals.On this channel, Stephen Lee shares proven strategies to help high earners, business owners, and professionals keep more of what they make, minimize taxes, and build lasting wealth.Whether you’re optimizing your S-Corp, investing smarter, or managing 1099 income, this channel gives you the tools to make confident money moves — backed by real client experience.Subscribe for smart, actionable advice — and take control of your financial future.The information provided on this channel is for general information and entertainment purposes only. It is not intended to serve as legal, financial, or tax advice. You should not act or refrain from acting on the basis of any content included on this channel without seeking appropriate legal, tax, or other professional advice specific to your individual circumstances. The use or reliance on any information contained on this channel is solely at your own risk.