02/02/2026
How do the recent tax changes affect my 2025 taxes?
Some of the new tax changes from the One Big Beautiful Bill Act include:
Standard deduction: The Standard Deduction increased for all filing statuses.
Tips deduction: Certain employees and self-employed taxpayers can deduct qualified tips.
Overtime deduction: Qualified taxpayers can deduct some of their overtime income.
Car loan interest deduction: Certain car buyers can deduct auto loan interest for new cars assembled in the US.
Senior deduction: Seniors 65 and older can receive an additional deduction of up to $6,000.
SALT deduction: The State and Local Tax Deduction (SALT) cap increased to $40,000.
Adoption credit: The Adoption Credit is now partially refundable.
Child tax credit: The Child Tax Credit increased to $2,200 per child.
Child investment accounts: You can sign your children up for Child Investment Accounts.
