Category Taxes & Tools

On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act (OBBBA), bringing major changes to the U.S. tax system. One of the biggest parts of the new law is a permanent extension of the 20% tax deduction for qualified business income, which helps small business owners, freelancers, and gig workers keep more of their earnings. The law also raises the amount businesses can deduct when buying equipment or other assets—from $1 million to $2.5 million—and adjusts that number for inflation in the future. These changes are designed to encourage investment and make it easier for small and medium-sized businesses to grow over time.

The *One Big Beautiful Bill Act (OBBBA)*, passed in July 2025, brings major changes to how taxes work in the U.S., focusing on helping families and encouraging savings. One of the biggest updates is an increase in the Child Tax Credit from $2,000 to $2,200 per child, giving parents a little more money back at tax time. The bill also improves other tax benefits, like those for adoption, child care, and saving for college through 529 plans. A new type of retirement-style account, called the “Trump savings account,” was introduced to help people put money away for the future. Beginning in 2026, some parts of the 2017 tax law will be changed permanently, which means taxpayers and the IRS will need to adjust to complicated new rules involving things like overtime pay, tips, and car loans. Overall, the law aims to provide financial relief while reshaping the tax system.

The One Big Beautiful Bill Act of 2025 (OBBBA) is a major tax law that was signed on July 4, 2025, and it’s already changing how Americans handle their money. One of the biggest updates in the bill is the increase in the state and local tax (SALT) deduction cap to $40,000 for the year. This means people can now deduct more of what they pay in state and local taxes from their federal taxes, which could lead to lower federal tax bills—especially for families in high-tax states. The law also keeps earlier tax cuts and adds new benefits for workers, families, and seniors, aiming to give people more financial relief while the country deals with rising living costs and political tension ahead of the 2026 election.

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, brings major changes to the U.S. tax system. It makes the current seven tax brackets—ranging from 10% to 37%—permanent, which means they won’t expire or change unless future laws say otherwise. This is especially helpful for lower- and middle-income Americans, as it adds stability and predictability to their financial planning. By also extending inflation adjustments for the lower tax levels, the law helps protect earnings from being pushed into higher brackets over time. Overall, the OBBBA gives individuals and families more confidence when planning for retirement, investing, and managing their personal finances.

In August 2025, the IRS announced a new crackdown on digital asset fraud, especially focusing on stablecoins—cryptocurrencies meant to hold a steady value, like a digital dollar. This follows the passing of the GENIUS Act in July, which now requires stablecoin companies to follow tough rules like the Bank Secrecy Act. These rules include stricter checks on users to prevent scams, money laundering, and tax evasion. With more people using cryptocurrency for payments and investments, the IRS is using smarter tools and technologies to track suspicious activity. The goal is to make the digital asset space safer and more transparent for everyone.

In July 2025, President Trump signed a new tax law called the One Big Beautiful Bill (OBBB), which aims to help middle-class families save money. This law makes the tax cuts from the 2017 Tax Cuts and Jobs Act permanent, including wider tax brackets and a bigger standard deduction. That means more of your income isn’t taxed, and filing taxes is easier. It also boosts the Child Tax Credit from $2,000 to $2,200 per child, with up to $1,700 being refundable, so families can get more money back, even if they owe less in taxes. The goal is to give families more financial support, especially as prices for everyday goods continue to rise.