Category Taxes & Tools

In October 2025, Congress passed a major tax reform law called the "One Big Beautiful Bill Act," which made big changes to how taxes work for individuals, businesses, and international companies. This new law updates parts of the Tax Cuts and Jobs Act and adjusts energy incentives from the Inflation Reduction Act. One of the biggest changes affects global companies—raising taxes on profits made overseas through the GILTI (Global Intangible Low-Taxed Income) rule. However, the reform also makes it easier for these companies to get tax credits for foreign taxes they've already paid. These updates are expected to have a serious impact on how businesses plan their taxes, both in the U.S. and around the world.

A new tax reform law, known as the "One Big Beautiful Bill," is changing the way Americans donate to charity. One major change is that people who don’t itemize their tax returns can now take a bigger deduction when they give to nonprofits. This means more middle-income families might be encouraged to donate, since they’ll now get more tax benefits than before. This change is happening at a key moment, as many charities are facing high demand and uncertain funding. On the other hand, the bill may lower tax breaks for wealthy donors, which could affect how much they choose to give. Overall, the law aims to make giving easier for more people, while also changing how tax savings work for the rich.

In 2025, fintech (financial technology) apps are playing a big role in how Americans manage their money and make spending decisions. With rising prices, changing job trends, and uncertainty in the economy, many people are turning to these apps to stay on top of their finances. Fintech tools make it easy to budget, save, send money, and even get emergency funds, all from a smartphone. These apps are especially helpful for people who may not have had access to traditional banking or financial advice in the past. As a result, more Americans are taking control of their money, building better habits, and feeling more financially secure.

Starting in 2026, the IRS is making big changes to how people get their tax refunds and how tax brackets are set. One major update is that most refunds will no longer be sent as paper checks. Instead, the IRS will use direct deposit, prepaid debit cards, or digital wallets to send money. This change is part of a government effort to modernize the tax system and reduce fraud. People who don’t have bank accounts are encouraged to open free or low-cost accounts to make the process smoother. In addition, the IRS is adjusting tax brackets to keep up with inflation, which could help some taxpayers save money by keeping them in lower tax rates even if their income goes up slightly.

In October 2025, former President Donald Trump introduced the idea of sending Americans $1,000 to $2,000 checks, funded by new tariffs on imported goods—especially from China. These "tariff-revenue checks" are meant to help families deal with the rising prices caused by those same tariffs. Trump argues the payments would return money collected at the border back to U.S. consumers. Critics, however, warn that companies might raise prices even more to cover the cost of tariffs, and the extra cash could increase demand, pushing prices higher still. While the checks might offer short-term help, experts worry they could worsen inflation and strain global trade relationships.

On October 10, 2025, the IRS announced new tax rules for the 2026 tax year, including changes to income tax brackets and standard deductions. These updates are part of a new law called the "One Big Beautiful Bill Act" (OBBBA), which was passed in July 2025. The goal of these changes is to prevent a “tax cliff,” where millions of Americans could suddenly face much higher tax bills due to expiring tax cuts or inflation. By adjusting the tax brackets to match inflation, the IRS helps make sure people don't pay more in taxes just because their income went up slightly. These changes also come as the U.S. economy shows signs of slowing down, with the Federal Reserve recently lowering interest rates to encourage growth.