One Big Beautiful Bill- Key Tax Changes

The One Big Beautiful Bill Act: Key Tax Changes Starting 2025

👍EVERYONE 👍

Standard deduction increases to $15,750 for single filers, and $31,500 for those filing jointly.

State and local tax (SALT) deduction increases to $40,000 (temporary)

👥 SENIORS (65+) 👥

$6,000 bonus deduction per person (2025-2028).  Phased out based on income.

👨‍💼 WORKERS 👨‍💼 

No tax on tips (up to $25,000)

No tax on overtime (up to $12,500 single filer/$25,000 married filing jointly)

🏢 BUSINESS OWNERS 🏢 

20 percent qualified business income deduction is now permanent

100 percent capital expensing restored

👨‍👩‍👧‍👦 FAMILIES 👨‍👩‍👧‍👦

Child tax credit increases to $2,200

Dependent care limits increase to $7,500

🏡 ESTATE MANAGEMENT 🏡

Exemption increases to $15 million/$30 million (starts 2026)

IMPORTANT: Some of these changes are temporary (2025-2028). Consult a tax professional for your specific situation.