The newly signed One Big Beautiful Bill Act (OBBBA) introduces several major updates to U.S. tax laws starting in 2025. Key highlights include a permanent increase in the standard deduction, enhanced deductions for seniors, and temporary tax breaks on tips and overtime.
The bill also raises the Child Tax Credit, introduces new child savings “Trump Accounts,” and offers auto loan interest deductions. Businesses benefit from full expensing options, while changes to clean energy credits and 1099-K thresholds impact individuals and entrepreneurs alike.
You can Read more Deatils:
