by localschoice | Aug 10, 2025 | New Tax Laws One Big Beautiful Act 2025
Introduction In May 2025, Congress introduced the Tax Cuts and Jobs Act (TCJA) Update, officially dubbed the One Big Beautiful Act, marking one of the most significant tax overhauls in recent years. These changes affect workers, retirees, and consumers in multiple...
by localschoice | Aug 10, 2025 | New Tax Laws One Big Beautiful Act 2025
The One Big Beautiful Act—part of the 2025 updates to the Tax Cuts and Jobs Act (TCJA)—brings one of the most notable changes for taxpayers who itemize deductions: a significant expansion of the State and Local Tax (SALT) deduction cap. For years, high-income earners...
by localschoice | Aug 10, 2025 | New Tax Laws One Big Beautiful Act 2025
The 2025 updates to the Tax Cuts and Jobs Act (TCJA)—also known as the One Big Beautiful Act—bring significant financial opportunities for families with children. Two of the most notable provisions are: A permanent increase to the Child Tax Credit (CTC), with...
by localschoice | Aug 10, 2025 | New Tax Laws One Big Beautiful Act 2025
The 2025 updates to the Tax Cuts and Jobs Act (TCJA)—part of the One Big Beautiful Act—introduce three new deductions that could reduce your taxable income without requiring you to itemize. From tip income to overtime pay to car loan interest, these changes apply to...
by localschoice | Aug 10, 2025 | New Tax Laws One Big Beautiful Act 2025
What Is the New Senior Deduction? Currently, the IRS allows taxpayers 65 or older (or those who are blind) to claim an additional standard deduction beyond the regular standard deduction amount. For 2025, this existing extra deduction is expected to be around: $1,850...
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