The standard deduction amounts for all filing statuses increased for the 2025 tax year because of the One Big Beautiful Bill Act. Couples filing their return using the married filing jointly status qualify for the standard deduction of $31,500. Taxpayers using the single and married filing separately statuses qualify for the standard deduction of $15,750…. [keep reading…]
Tag: One Big Beautiful Bill
2025 Year End Tax Planning for Individuals
As 2025 draws to a close, individual taxpayers face a familiar but evolving tax landscape. Many provisions from the Tax Cuts and Jobs Act (TCJA) have been preserved or extended under the One Big Beautiful Bill Act (OBBBA), while a handful of new deductions and adjustments take effect for the 2025 tax year. This guide… [keep reading…]
Qualified Overtime Pay Deduction
On July 4, 2025, President Trump signed the One Big Beautiful Bill (OBBB) Act into law. The OBBB Act includes dozens of tax changes affecting individuals and businesses, including new provisions promised by President Trump during his 2024 campaign related to overtime pay. This provision introduces a significant change in federal tax treatment for overtime… [keep reading…]
Tax Update: “One Big Beautiful Bill” Signed Into Law
Last week President Trump signed his highly anticipated “One Big Beautiful Bill” (OBBB), enacting a second round of major federal tax reform over the past decade. While the OBBB serves to extend various provisions of the 2017 Tax Cuts and Jobs Act (TCJA), it goes further to introduce various new provisions promised by President Trump… [keep reading…]