The "One Big Beautiful Bill" (OBBB) introduces several key features that impact Individual Taxpayers...

For 1040 Filers:

• Standard Deduction Increase: For the 2025 tax season, expect a higher standard deduction, meaning most individuals will pay taxes on a lower portion of their income. This change is designed to simplify filing and reduce the tax burden for those who don't itemize.

• Adjusted Tax Brackets: Tax brackets are being adjusted for inflation, so some filers may see a reduction in the effective rate of their taxes, especially in the middle-income ranges.

• Child Tax Credit Expansion: The Child Tax Credit (CTC) is being expanded for qualifying taxpayers, meaning parents may receive more substantial credits, potentially reducing their tax bill or increasing their refund.

• Simplified Reporting for Retirement Savings: New rules for retirement accounts like IRAs and 401(k)s could mean simplified reporting for retirement contributions and deductions, making it easier to track your savings and deductions.

• Affordable Care Act (ACA) Adjustments: Expect changes in how the ACA subsidy scales to your income, potentially offering greater savings on health insurance premiums for those who qualify through the Health Insurance Marketplace.

• New Tax Deductions for Student Loan Payments: With student loan interest rates potentially increasing, taxpayers with student loan debt may see changes in how those payments are deducted, potentially benefiting them at tax time.

• Inflation Adjustments to Tax Credits and Deductions:

  Many common tax credits, such as Earned Income Tax Credit (EITC) and American Opportunity Credit, are adjusted for inflation, meaning more taxpayers may qualify or see an increase in their credit amount.

Call to Action:

We understand that navigating tax changes can be overwhelming, especially with the big adjustments happening in 2025.

Whether you're filing your personal tax return or managing a small business, we’re here to help you understand how these changes affect you and ensure you're...

taking full advantage of the latest tax benefits!