New Tax Deductions & Changes - One Big Beautiful Bill Act (OBBBA)

[KarenL]

Be prepared  and plan ahead for differences in your tax refund or balance due - hopefully in a good “more money in your pocket” kind of way! Let’s clear up the confusion about major changes in tax deductions such as no tax on tips, Social Security, and overtime. Or maybe your concerns are around the changes to the Child Tax Credit or energy credits. Rest assured - TurboTax is there to help you maximize your refund!

• Taxes 2025-2026: One Big Beautiful Bill Tax Law Changes and How That Impacts You - A nice overview of the common changes!
• Trump's Tax Proposals: One Big Beautiful Bill Summary & Tax Changes - Similar to the above, but with a Q&A style to help easily guide you.
• Navigating Tax Reform: One Big Beautiful Bill Tax Changes - Are you more visual? This one has graphics that summarize major changes.
• Child Tax Credit for 2024-2025 - There’s a little increase for 2025 and changes to who qualifies.
• 2024-025 Energy Tax Credit: Which Home Improvements Qualify - Hurry! Get your energy improvements done now - the credits expire after December 31, 2025..
• Free Tax Reform Calculator - Pick a scenario and go from there! How great is that?! 

BONUS - Here are direct links to certain tax provisions - especially for those who like to go directly to the source - the H.R.1 - One Big Beautiful Bill Act.
Bill text on qualified tip income
Bill text on qualified overtime compensation
Bill text on employer credit for child care expenses to employees
Bill text on child tax credit increase to $2,200 per child in 2025
Bill text on personal exemption tax deduction for individuals 65 years and older
Bill text on termination of residential energy credits

If you need tax advice or have questions that aren't answered in the links above, please ask in our Taxes forum that best fits your needs!