New limits on wagering loss deductions and the permanent removal of moving expense deductions under the OBBBA are reshaping key areas of tax planning. These changes affect both taxpayers and employers, highlighting the importance of proactive strategies and careful tax planning.

Charitable contribution and scholarship tax rules are evolving under the OBBBA. The latest updates establish permanent deduction limits, universal deductions, and new federal credits that encourage more intentional and rewarding giving.

The One Big Beautiful Bill Act (OBBBA) significantly broadens how families can use 529 education savings plans—covering K–12, homeschooling, and career training expenses. These updates give parents and students greater flexibility to align long-term savings with today’s diverse education and career paths.

Updates to the American Opportunity and Lifetime Learning Credits under the OBBBA modernize education-related tax benefits. Increased refund limits, expanded eligibility, and inclusion of digital learning expenses make these credits more inclusive and practical for today’s learners.

Under the OBBBA, taxpayers purchasing new, U.S.-assembled vehicles can deduct up to $10,000 in car loan interest annually from 2025 through 2028. This new provision encourages both smarter financial planning and stronger domestic vehicle production.

The One Big Beautiful Bill Act (OBBBA) permanently sets the mortgage interest deduction limit at $750,000 and expands the deduction to include qualified mortgage insurance. Understanding these changes can help homeowners make smarter tax planning decisions.

Trump Accounts, introduced under the One Big Beautiful Bill Act, provide families with a new savings tool that combines tax benefits and long-term planning opportunities. Learn how parents, employers, and even charities can contribute, and why this provision may be a valuable addition to your family’s financial strategy.

Reforms introduced under the OBBBA include permanent increases, expanded eligibility, and higher credit rates to help offset rising childcare costs. U.S. families abroad may also benefit, making childcare more affordable at home and overseas.

Several key credits — including EV, residential solar, and energy-efficient home improvements — will now expire as early as 2025. While some incentives like the Clean Fuel Production Credit are extended, new restrictions and compliance rules mean businesses and consumers must act quickly to maximize benefits.

Lower rates, higher deductions, and revised itemized rules are among the significant changes for individual taxpayers under the One Big Beautiful Bill Act (OBBBA), signed on July 4, 2025. This article outlines the key updates and their implications for future tax planning.