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: 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.

• Child Tax Credit Expansion: 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.

• Simplified Reporting for Retirement Savings: 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.

• Affordable Care Act (ACA) Adjustments: 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.

• 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.