After months of debate, the law known as the One Big Beautiful Bill Act was enacted on July 4. It includes favorable changes that will affect individuals and businesses. It makes permanent and expands many tax provisions that were scheduled to expire at the end of the year. For example, the 2025 standard deduction is increased to $15,750 for single taxpayers, $31,500 for joint filers and $23,625 for heads of households. And there are new tax breaks, such as a deduction of up to $10,000 for interest paid on eligible car loans from 2025–2028. The law also contains some unfavorable changes, including the elimination of many tax credits applicable to “green energy,” generally after 2025.
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