The controversial tax reform known as the One Big Beautiful Bill Act, signed into law by former President Donald Trump on July 4, will radically transform the way Americans file their taxes starting in the 2025 tax year. Although based on the Tax Cuts and Jobs Act (TCJA) of 2017, this new legislation introduces a combination of expanded deductions, new tax benefits, and the elimination of some credits, which will affect families, workers, retirees, and small business owners. Here are some of the most important points for the next tax year.
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