The One Big Beautiful Bill Act (OBBBA) is extensive, but here are some key provisions that may impact the amount of taxes you pay:
- Many of the provisions in the 2017 Tax Cuts and Jobs Act (TCJA) are made permanent with a larger standard deduction being one of the most notable
- State and Local Tax (SALT) cap increased from $10,000 to $40,000 for most taxpayers
- Increased deduction for seniors 65 and older – up to $6,000 / person ($12,000 MFJ), subject to income limitations
- Starting in 2026, new charitable deduction of $1,000 / person ($2,000 MFJ) for those who take the standard deduction instead of itemizing.
- The IRS has created a “Fact Sheet” for the new provisions created by OBBBA.
**This is not intended to be tax advice. There are nuances and income limits associated with some of these new laws. The blog featured image is meant to be funny and isn’t intended to reflect our feelings about the bill. 🙂 Sources include: H&R Block Article and Tax Foundation OBBBA Details and Analysis