Tax season is well underway, and the federal filing deadline is quickly approaching. April 15 is the last day for most taxpayers to file their federal income tax return and pay any taxes owed for the previous year. While filing taxes can feel stressful, this year may bring some welcome relief for taxpayers due to changes in federal tax law.
Potential Benefits from the “One Big Beautiful Bill Act”
On July 4, 2025, the “One Big Beautiful Bill Act” was signed into law and significantly affects federal taxes, credits and deductions. This year, some taxpayers may notice changes due to new federal tax legislation that includes several provisions aimed at providing tax relief for certain individuals and families. Among the changes reported during this tax season:
- Additional deductions for overtime and tipped income
- Expanded deductions for seniors
- Potential for no tax on car loan interest
- Tax inflation adjustments
- Adoption credit enhancement
- Premium tax credit eliminations
To view all provisions, click here for the IRS website.