12/03/2025
🟢 BIG TAX NEWS: The One Big Beautiful Bill Act (OBBBA) is Here!
The OBBBA, signed into law July 2025, brings major changes to taxes through 2028. Here’s what you need to know to save money and plan ahead:
💰 Top 10 Highlights for Individuals:
1️⃣ Tax Brackets Stay Permanent – 10%–37%, with slight inflation boosts in 2026.
2️⃣ Higher Standard Deduction – $31,500 (joint), $23,625 (head of household), $15,750 (single).
3️⃣ Family Benefits Expanded – Bigger child tax credit, adoption credit now partially refundable, new savings accounts for kids (“Trump accounts”).
4️⃣ Extra Deduction for Seniors – $6,000 for taxpayers 65+, phased at higher incomes.
5️⃣ Workers & Self-Employed – Deduct overtime, tips, and qualified business income.
6️⃣ SALT Deduction Boosted – Cap increases to $40,000 (2025), then gradually adjusts.
7️⃣ Energy Credits Changes – Clean vehicle & home energy credits phased out after 2025.
8️⃣ Auto Loan Interest Deduction – Deduct up to $10,000 for new U.S.-assembled cars.
9️⃣ Charitable Donations – Standard deduction filers can deduct up to $1,000 ($2,000 joint); new 0.5% threshold for itemizers.
🔟 Gambling Loss Deduction Capped – Only 90% deductible starting 2026.
💡 Why it matters: Families, seniors, and small business owners have new opportunities to save on taxes, but energy credits and some deductions are changing. Planning ahead is key!
📲 Follow our page for updates, tips, and guidance to maximize your 2025–2028 tax benefits!
