Update on New Tax Law
New Tax Law vs. Previous Rules: What You Need to Know About the 2025 TCJA
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...
Understanding the 2025 Expansion of the SALT Cap: What It Means for You
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...
2025 Tax Law Changes: Bigger Child Tax Credit & New ‘Trump Accounts’ for Kids
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...
2025 Tax Law Adds New Deductions for Tips, Overtime, and Car Loan Interest
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...
2025 Tax Law Adds New $6,000 Additional Deduction for Seniors
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...
2025 Tax Law Changes How Charitable Contributions Are Deducted
The 2025 update to the Tax Cuts and Jobs Act (TCJA)—part of the One Big Beautiful Act—introduces two major changes to how charitable contributions are deducted: A new above-the-line deduction for nonitemizers — so even taxpayers who take the standard deduction can get...
Mortgage Insurance Premium Deduction Restored: Who Benefits and Real-Life Examples
In one of the most welcome changes of the 2025 update to the Tax Cuts and Jobs Act (TCJA), the deduction for mortgage insurance premiums (MIPs) has been permanently restored. This tax break had expired at the end of 2021, leaving many homeowners—especially first-time...
2025 Business Tax Provisions: Bonus Depreciation, QBI Expansion, Reporting Changes & Child Care Credit Boost
The One Big Beautiful Act of 2025 introduces major permanent and expanded tax benefits for businesses. These changes are designed to simplify reporting, lower taxable income for business owners, and incentivize investment and employee benefits. Key updates include:...
2025 Tax Law Permanently Increases the Standard Deduction
The 2025 update to the Tax Cuts and Jobs Act (TCJA)—part of the One Big Beautiful Act—brings a permanent boost to the standard deduction. This is one of the most important provisions in the new tax law because it affects nearly every taxpayer in the U.S. Starting...
2025 Tax Law: Elimination of Certain Deductions & New Gambling Loss Limits
The 2025 update to the Tax Cuts and Jobs Act (TCJA)—passed as part of the One Big Beautiful Act—brings significant and permanent changes to the U.S. tax code. Three major areas are impacted: Miscellaneous itemized deductions are permanently eliminated Moving expenses...
2025 Tax Law: Phase-Out of Clean Energy Incentives for Homes, Vehicles & Businesses
The new 2025 tax legislation, part of the One Big Beautiful Act, makes a sweeping change to clean energy tax incentives — and not in the direction many expected. Rather than expanding benefits, the law accelerates the termination of several high-value credits for...