{"id":7630,"date":"2025-07-17T06:00:00","date_gmt":"2025-07-17T06:00:00","guid":{"rendered":"https:\/\/greerwalker.com\/?p=7630"},"modified":"2025-08-08T16:27:12","modified_gmt":"2025-08-08T16:27:12","slug":"understanding-the-individual-tax-implications-of-the-one-big-beautiful-bill-act-2","status":"publish","type":"post","link":"https:\/\/greerwalker.com\/understanding-the-individual-tax-implications-of-the-one-big-beautiful-bill-act-2\/","title":{"rendered":"Understanding the Individual Tax Implications of the One Big Beautiful Bill Act"},"content":{"rendered":"<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">The major individual tax law changes for 2025 and beyond under the One Big Beautiful Bill Act (\u201cOBBBA\u201d) are provided below. This summary highlights the most significant changes, their effective dates, and practical implications for individuals and families.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The OBBBA includes a combination of revenue raisers and tax cuts.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>In addition, the bill is a combination of temporary provisions, permanent provisions, extensions and new policy.<\/span><\/p>\n<div class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: center; line-height: normal;\" align=\"center\">\n<hr align=\"center\" size=\"2\" width=\"100%\" \/>\n<\/div>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 13.5pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Major Individual Tax Law Changes<\/span><\/strong><\/p>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Individual Tax Rates<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l9 level1 lfo1; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Permanent Lower Rates:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> With the passing of the Tax Cuts and Jobs Act (\u201cTCJA\u201d) in 2017, individual tax rates and brackets were adjusted and the standard deduction for individual taxpayers was nearly doubled.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>These provisions were set to expire after 2025.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>With the passing of the OBBBA, the reduced individual tax rates from the TCJA are made permanent. The scheduled expiration after 2025 is repealed, so the lower rates continue indefinitely.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Standard Deduction<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l14 level1 lfo2; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Increased and Permanent:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The higher standard deduction from the TCJA is made permanent and further increased. For tax years after 2024, the standard deduction is: <\/span>\n<ul type=\"circle\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l14 level2 lfo2; tab-stops: list 1.0in;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$23,625 for heads of household<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l14 level2 lfo2; tab-stops: list 1.0in;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$15,750 for single <\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l14 level2 lfo2; tab-stops: list 1.0in;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$31,500 for married filing jointly <\/span><\/li>\n<\/ul>\n<\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l14 level1 lfo2; tab-stops: list .5in;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">These amounts are indexed for inflation.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Personal Exemptions<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l2 level1 lfo3; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Eliminated:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> In conjunction with the increased standard deduction, the TCJA suspended the allowance of personal exemptions through December 31, 2025. <span style=\"mso-spacerun: yes;\">\u00a0\u00a0<\/span>The OBBBA makes the disallowance of personal exemptions permanent for most taxpayers.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l2 level1 lfo3; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Exception for Seniors:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> A new $6,000 deduction is allowed for seniors (age 65+) through 2028, subject to a phaseout at higher incomes and Social Security Number (SSN) requirements.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Child Tax Credit<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l22 level1 lfo4; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Increased and Permanent:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The child tax credit is permanently increased to $2,200 per qualifying child (income phase-outs still apply), with inflation adjustments. Social security number requirements are in place for both the taxpayer and each qualifying child to claim the credit.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Qualified Business Income (\u201cQBI\u201d) Deduction (Section 199A) <\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l4 level1 lfo5; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Enhanced and made permanent:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> <a name=\"_Hlk203396382\"><\/a>The QBI deduction was originally set to expire at the end of 2025. However, the OBBBA makes the QBI deduction permanent. <span style=\"mso-spacerun: yes;\">\u00a0\u00a0<\/span>The calculations for the QBI deduction have certain income limits and thresholds, exceeding the thresholds triggers a phase-in of limitations.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The phase-in threshold is increased to $75,000 ($150,000 for joint filers).<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Prior to the OBBBA, the phase-in threshold was $50,000 ($100,000 for joint filers). <span style=\"mso-spacerun: yes;\">\u00a0<\/span>A new $400 minimum deduction is established for active business income for taxpayers with at least $1,000 in qualified business income from active trade or businesses, indexed for inflation after 2026.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The deduction remains at 20%, despite earlier proposals of an increase to 23%.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Estate and Gift Tax<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l24 level1 lfo6; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Higher Exemption:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The estate and gift tax exemption is permanently increased to $15 million (indexed for inflation), effective for estates and gifts after 2025.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Alternative Minimum Tax (\u201cAMT\u201d)<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l20 level1 lfo7; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Permanent:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The increased AMT exemption and phaseout thresholds are made permanent, with modifications to inflation adjustments and an increased phaseout rate.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The phaseout rate is increased from $.25 for every $1 of income in excess of the threshold to $.5 per every $1 in excess of the threshold.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The reversion of phase-out thresholds to 2018 levels and increased phase-out rates are likely to impact high-income taxpayers while reducing the AMT exposure for middle and upper-middle income earners.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Mortgage Interest Deduction<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l15 level1 lfo8; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$750,000 Cap Made Permanent:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The $750,000 cap ($375,000 for married filing separately) of principal for acquisition indebtedness in determining the allowable mortgage interest deduction is made permanent. In addition, mortgage insurance premiums are now treated as qualified resident interest.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Casualty Loss Deduction<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l6 level1 lfo9; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Expanded:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The limitation of casualty loss deductions is made permanent.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Casualty loss deductions have also been expanded to include state-declared disasters in addition to federally declared disasters.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Miscellaneous Itemized Deductions<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l8 level1 lfo10; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Suspension Made Permanent:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Miscellaneous itemized deductions are permanently terminated, except for educator expenses (now expanded to include coaches and nonathletic supplies).<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Beginning in 2026, there is a carve out allowing educator expenses to be deducted as an itemized deduction, with no specific dollar limit applied.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Itemized Deduction Limitation <\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l12 level1 lfo11; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">New Formula:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The previously suspended Pease limitation on itemized deductions is repealed starting in 2026 and replaced by a new limitation for taxpayers in the highest tax bracket.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>A new formula reduces itemized deductions by 2\/37 of the lesser of deductions or income above the 37% bracket threshold.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">State and Local Tax (\u201cSALT\u201d) Deduction<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l19 level1 lfo12; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Temporary Increase:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The SALT deduction cap is increased to $40,000 ($20,000 for married filing separately) for 2025, indexed for inflation, with a phase-down for high income taxpayers (Adjusted Gross Income (\u201cAGI\u201d) above $500,000 in 2025).<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Every dollar in excess of $500,000 AGI reduces the SALT cap by 30%, but not below $10,000. The cap reverts to $10,000 after 2029.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Temporary Deductions for Tips and Overtime<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l23 level1 lfo13; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Tips:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Up to $25,000 in qualified tips per year can be deducted (phased out at higher income threshold) for 2025\u20132028, with new reporting requirements.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The deductions for qualified tips will be applicable to specific industries.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The Secretary of the Treasury has no more than 90 days after the bill was signed into law to provide a list of industries that regularly received tips prior to December 31, 2024.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l23 level1 lfo13; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Overtime:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Up to $12,500 ($25,000 joint) in qualified overtime pay per year can be deducted (phased out at higher income threshold) for 2025\u20132028.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Auto Loan Interest Deduction<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l21 level1 lfo14; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Temporary Deduction:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Up to $10,000\/year for interest on loans for new U.S.-assembled passenger vehicles (2025\u20132028), phased out at higher incomes.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">&#8220;Trump Accounts&#8221; for Children<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l1 level1 lfo15; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">New Savings Vehicle:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Establishes &#8220;Trump Accounts&#8221; for children under 18, with a $5,000 annual contribution limit per beneficiary (including up to $2,500 tax-free from a parent\u2019s employer), and a $1,000 government-funded pilot for newborns (2025\u20132028).<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The accounts are individual retirement accounts that will be created and organized by the Secretary of the Treasury.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Deposited funds can grow within the accounts, tax-free until the beneficiary reaches adulthood and distributes the funds, but do not allow for early distribution.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Qualifying withdrawals would be eligible for the reduced long-term capital gains rate, others would be taxed at ordinary rates.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Only three expenditures would qualify for long-term capital gain treatment, college tuition or credentialing expenses, small business expenditures and first-time home purchase. <\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Charitable Contributions<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l18 level1 lfo16; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Above-the-Line Deduction: <\/span><\/strong>The above-the-line (before the determination of AGI) <span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">charitable deduction is increased to $1,000 ($2,000 joint) and made permanent.\u00a0 The above-the-line deduction allows taxpayers who do not itemize to receive a benefit for charitable donations.\u00a0<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l18 level1 lfo16; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">New Floors:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Only contributions exceeding 0.5% of AGI are deductible for individuals. <\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l18 level1 lfo16; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Scholarship Fund Contributions: <\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">A new federal tax credit (effective in 2027) allows taxpayers to claim a nonrefundable tax credit, up to $1,700 for donations to specified organizations providing scholarships to qualifying K-12 schools.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Education-Related Changes<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l16 level1 lfo17; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">529 Accounts:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Expanded to allow funds to be used for additional K-12 expenses (curriculum, tutoring, testing, therapies), with the limit increased to $20,000\/year. Now also allows use for postsecondary credentialing expenses.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l16 level1 lfo17; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Student Loan Exclusion:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Ability for employers to provide employees with tax-free assistance for student loan repayment <span style=\"mso-spacerun: yes;\">\u00a0<\/span>(up to $5,250 annually) is made permanent, with inflation adjustments beginning after December 31, 2025.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Child and Dependent Care<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l3 level1 lfo18; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Increased Dependent Care Flexible Spending (\u201cFSA\u201d) Limits:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Dependent Care FSA Limit increased from $5,000 to $7,500 for joint filers ($3,750 married filing separate), effective after December 31, 2025.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l3 level1 lfo18; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Child and Dependent Care Credit:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The OBBBA builds upon the existing credit, increasing the amount of child and dependent care tax credit from 35% to 50% of qualifying expenses. However, the credit phases out as taxpayer income increases.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span><\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Adoption Credit<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l7 level1 lfo19; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Partially Refundable:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Effective after December 31, 2024, up to $5,000 of the adoption credit is refundable, with inflation adjustments.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Previously, the credit was nonrefundable, meaning it could only reduce the taxpayers tax liability.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">1099-MISC\/NEC Reporting Thresholds<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l17 level1 lfo20; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">1099-MISC\/NEC:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The 1099-MISC\/NEC reporting threshold increases from $600 to $2,000, indexed for inflation.<\/span><\/li>\n<\/ul>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l10 level1 lfo25; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Third-Party Network Transactions:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The de minimis threshold for third-party network transactions is restored to $20,000\/200 transactions for reporting and backup withholding.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Excess Business Loss Limitation<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l7 level1 lfo19; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Made Permanent:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The Excess Business Loss limitation was enacted as part of the TCJA of 2017.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>An excess business loss is the amount by which the total deductions attributable to all of your trades or businesses exceed your total gross income and gains attributable to those trades or businesses plus a threshold amount, adjusted for inflation.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>The 2024 threshold was $305,000 for single filers and $610,000 for taxpayers filing jointly.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Previously set to expire after 2025 (later extended to 2028), and ultimately made permanent through the passing of the OBBBA. <\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Gambling Losses<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l7 level1 lfo19; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">New Formula:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The wagering loss deduction is now limited to 90% of losses and only deductible against wagering gains.<span style=\"mso-spacerun: yes;\">\u00a0 <\/span>Previously taxpayers could deduct 100% of their wagering losses dollar for dollar to the extent of their winnings. <\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Qualified Opportunity Zone (\u201cQOZ\u201d)<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l5 level1 lfo21; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Made Permanent:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The OBBBA makes the QOZ program permanent and introduces a decennial re-designation (10-year cycle of identifying new zones), includes expanded reporting requirements, new rural opportunity funds, and extended\/modified benefits.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Energy and Clean Vehicle Credits<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l5 level1 lfo21; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Terminated Early:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Credits for new and used clean vehicles, alternative fuel property, energy efficient home improvements, and residential clean energy are terminated <a name=\"_Hlk203398868\"><\/a>for property placed in service or acquired after various dates in 2025 or 2026.<\/span><\/li>\n<\/ul>\n<div class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: center; line-height: normal;\" align=\"center\">\n<hr align=\"center\" size=\"2\" width=\"100%\" \/>\n<\/div>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Summary Table: Key Individual Provisions<\/span><\/strong><\/p>\n<table class=\"MsoNormalTable\" style=\"width: 475.75pt; mso-cellspacing: 1.5pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; mso-yfti-tbllook: 1184; mso-border-insideh: .5pt solid windowtext; mso-border-insidev: .5pt solid windowtext;\" border=\"1\" summary=\"*$*$UPSLIDE_TablePasted&#96;_#[%\u00a3=+@*$*$UPSLIDE_TablePasted&#96;_#[%\u00a3=+@*$*$UPSLIDE_TablePasted&#96;_#[%\u00a3=+@*$*$UPSLIDE_TablePasted&#96;_#[%\u00a3=+@\" width=\"634\" cellspacing=\"3\" cellpadding=\"0\">\n<thead>\n<tr style=\"mso-yfti-irow: 0; mso-yfti-firstrow: yes;\">\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Provision<\/span><\/strong><\/p>\n<\/td>\n<td style=\"width: 132.65pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"177\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Old Law (pre-OBBBA)<\/span><\/strong><\/p>\n<\/td>\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">OBBBA Change (2025+)<\/span><\/strong><\/p>\n<\/td>\n<\/tr>\n<\/thead>\n<tbody>\n<tr style=\"mso-yfti-irow: 1;\">\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Individual Tax Rates<\/span><\/p>\n<\/td>\n<td style=\"width: 132.65pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"177\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Lower rates expire after 2025<\/span><\/p>\n<\/td>\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Lower rates made permanent<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 2;\">\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Standard Deduction<\/span><\/p>\n<\/td>\n<td style=\"width: 132.65pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"177\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$14,600 (single, 2024)<\/span><\/p>\n<\/td>\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$15,750 (single, 2025), indexed<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 3;\">\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Personal Exemptions<\/span><\/p>\n<\/td>\n<td style=\"width: 132.65pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"177\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Suspended through 2025<\/span><\/p>\n<\/td>\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Personal exemptions are permanently eliminated; new $6,000 exemption added for seniors over 65<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 4;\">\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Child Tax Credit<\/span><\/p>\n<\/td>\n<td style=\"width: 132.65pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"177\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$2,000, partial refundability<\/span><\/p>\n<\/td>\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$2,200, inflation adjusted, permanent<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 5;\">\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">SALT Deduction Cap<\/span><\/p>\n<\/td>\n<td style=\"width: 132.65pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"177\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$10,000 through 2025<\/span><\/p>\n<\/td>\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$40,000 (2025), then $10,000 (2030)<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 6;\">\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Misc. Itemized Deductions<\/span><\/p>\n<\/td>\n<td style=\"width: 132.65pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"177\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Suspended through 2025<\/span><\/p>\n<\/td>\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Suspension made permanent<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 7;\">\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Mortgage Interest Deduction<\/span><\/p>\n<\/td>\n<td style=\"width: 132.65pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"177\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$750,000 cap through 2025<\/span><\/p>\n<\/td>\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$750,000 cap made permanent<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 8;\">\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Charitable Deduction (above-line)<\/span><\/p>\n<\/td>\n<td style=\"width: 132.65pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"177\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$300\/$600, temporary<\/span><\/p>\n<\/td>\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$1,000\/$2,000, permanent<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 9;\">\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">1099-MISC\/NEC Threshold<\/span><\/p>\n<\/td>\n<td style=\"width: 132.65pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"177\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$600<\/span><\/p>\n<\/td>\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">$2,000, inflation adjusted<\/span><\/p>\n<\/td>\n<\/tr>\n<tr style=\"mso-yfti-irow: 10; mso-yfti-lastrow: yes;\">\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: justify; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Clean Vehicle Credits<\/span><\/p>\n<\/td>\n<td style=\"width: 132.65pt; border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\" width=\"177\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Through 2032<\/span><\/p>\n<\/td>\n<td style=\"border: solid windowtext 1.0pt; mso-border-alt: solid windowtext .5pt; padding: .75pt .75pt .75pt .75pt;\">\n<p class=\"MsoNormal\" style=\"margin-bottom: 0in; line-height: normal;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Terminated after 2025<\/span><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<div class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: center; line-height: normal;\" align=\"center\">\n<hr align=\"center\" size=\"2\" width=\"100%\" \/>\n<\/div>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Practical Implications for Clients<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l11 level1 lfo22; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Tax Planning:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> The permanency of lower rates and higher standard deduction means continued simplification and lower tax for many.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l11 level1 lfo22; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Itemized Deductions:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Fewer taxpayers will itemize, but those who do face new limitations and floors.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l11 level1 lfo22; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Family Benefits:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Enhanced child tax credit, dependent care, and adoption credits provide more support for families.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l11 level1 lfo22; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Reporting:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Higher 1099 thresholds reduce reporting burden for small payees.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l11 level1 lfo22; tab-stops: list .5in;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Energy Credits:<\/span><\/strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\"> Accelerated phase-out of clean energy and vehicle credits may affect planned purchases.<\/span><\/li>\n<\/ul>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Action Items<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l13 level1 lfo23; tab-stops: list .5in;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Review withholding and estimated tax in light of new rates and deduction amounts.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l13 level1 lfo23; tab-stops: list .5in;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Consider timing of major purchases or charitable contributions.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l13 level1 lfo23; tab-stops: list .5in;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Seniors should assess eligibility for the new $6,000 personal exemption.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l13 level1 lfo23; tab-stops: list .5in;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Families should update planning for child, dependent care, and adoption credits.<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l13 level1 lfo23; tab-stops: list .5in;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Review eligibility for new or expanded savings vehicles (Trump Accounts, 529s).<\/span><\/li>\n<\/ul>\n<div class=\"MsoNormal\" style=\"margin-bottom: 0in; text-align: center; line-height: normal;\" align=\"center\">\n<hr align=\"center\" size=\"2\" width=\"100%\" \/>\n<\/div>\n<p class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal;\"><strong><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Effective Dates<\/span><\/strong><\/p>\n<ul type=\"disc\">\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l0 level1 lfo24; tab-stops: list .5in;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Most changes apply for tax years beginning after December 31, 2024 (i.e., for 2025 returns and beyond).<\/span><\/li>\n<li class=\"MsoNormal\" style=\"mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; text-align: justify; line-height: normal; mso-list: l0 level1 lfo24; tab-stops: list .5in;\"><span style=\"font-size: 12.0pt; font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-font-kerning: 0pt; mso-ligatures: none;\">Some temporary provisions (e.g., tip and overtime deductions, car loan interest) are available only for 2025\u20132028.<\/span><\/li>\n<\/ul>\n<div class=\"MsoNormal\" style=\"text-align: center;\" align=\"center\">\n<hr align=\"center\" size=\"2\" width=\"100%\" \/>\n<p><span style=\"mso-comment-author: 'Sloan Coffey'; mso-comment-providerid: AD; mso-comment-userid: 'S::sloan\\.coffey\\@greerwalker\\.com::0b446f7f-15d2-48f2-95f4-64cf824f08f1';\"><!--[endif]--><\/span><!-- [if !supportAnnotations]--><\/p>\n<\/div>\n<p>If you have questions on how the OBBBA affects your tax situation, please reach out to your contact at GreerWalker so we can help you interpret the impact to you or your company.<\/p>\n<div class=\"MBNchanges\" style=\"margin: 20px 0; border: 0px solid #ccc; padding: 0 20px 20px 20px;\">\n<h2 style=\"margin-top: 20px !important;\">Let&#8217;s Talk!<\/h2>\n<p>Call us at (704) 377-0239 or fill out the form below and we&#8217;ll contact you to discuss your specific situation.<\/p>\n<form id=\"\" class=\"standard2 mbn-recaptcha-form\" style=\"margin-top: 20px;\" accept-charset=\"utf-8\" action=\"https:\/\/app.hatchbuck.com\/onlineForm\/submit.php\" method=\"post\" name=\"form_895708301\"><input name=\"formID\" type=\"hidden\" value=\"form_895708301\" \/><input name=\"enableServerValidation\" type=\"hidden\" value=\"1\" \/><input name=\"enable303Redirect\" type=\"hidden\" value=\"0\" \/><\/p>\n<div class=\"MBNinput\" style=\"width: 100%; padding: 0px; margin: 0px; text-align: left;\"><input id=\"rsm_input_1\" class=\"mbntextbox\" name=\"q1_firstName1\" required=\"\" type=\"text\" placeholder=\"First Name\" \/><br \/>\n<input id=\"rsm_input_3\" class=\"mbntextbox\" name=\"q3_lastName3\" required=\"\" type=\"text\" placeholder=\"Last Name\" \/><br \/>\n<input id=\"rsm_input_5\" class=\"mbntextbox\" name=\"q5_company5\" type=\"text\" placeholder=\"Company\" \/><br \/>\n<input id=\"rsm_input_4\" class=\"mbntextbox\" name=\"q4_email\" required=\"\" type=\"email\" placeholder=\"Email Address\" \/><\/div>\n<div class=\"mbn-recaptcha-mountpoint\" style=\"margin: 10px 0 10px 0;\"><\/div>\n<p><button id=\"Button1\" class=\"mbnbutton_rsm\" type=\"submit\">Submit<\/button><\/p>\n<ul style=\"display: none;\">\n<li style=\"display: none;\">Should be Empty: <input name=\"website\" type=\"hidden\" value=\"895708301-895708301\" \/><\/li>\n<li style=\"display: none;\">Topic Name: <input name=\"q7_topic\" type=\"hidden\" value=\"Understanding the Individual Tax Implications of the One Big Beautiful Bill Act\" \/><\/li>\n<li style=\"list-style: none;\"><input id=\"simple_spc\" name=\"simple_spc\" type=\"hidden\" value=\"12192238341-12192238341\" \/><\/li>\n<\/ul>\n<\/form>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The major individual tax law changes for 2025 and beyond under the One Big Beautiful Bill Act (\u201cOBBBA\u201d) are provided.<\/p>\n","protected":false},"author":4,"featured_media":7628,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_opengraph-image":"https:\/\/greerwalker.com\/wp-content\/uploads\/2025\/07\/GreerWalker-Social-pexels-photo-5833767-728.png","_yoast_wpseo_opengraph-image-id":"7629","_yoast_wpseo_twitter-image":"https:\/\/greerwalker.com\/wp-content\/uploads\/2025\/07\/GreerWalker-Social-pexels-photo-5833767-728.png","_yoast_wpseo_twitter-image-id":"7629","_editorskit_title_hidden":false,"_editorskit_reading_time":0,"_editorskit_is_block_options_detached":false,"_editorskit_block_options_position":"{}","footnotes":""},"categories":[26],"tags":[],"class_list":["post-7630","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-article"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Understanding the Individual Tax Implications of the One Big Beautiful Bill Act | GreerWalker CPAs &amp; 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