October 1, 2025: Breaking Down the One Big Beautiful Bill
Over the course of the last eight years, there have been an extraordinary number of tax changes. With the passage of the One Big Beautiful Bill Act (OBBB) in July, we want to provide you with some of the main takeaways from the bill that may have an impact on your taxes. The bill made permanent many of the individual and business tax cuts first enacted in 2017, including a larger standard deduction and the end of personal exemptions. Talk of deductions may bore you to tears, but they are one of the most powerful tools you have when it comes to taxes. Many of the new tax policies in the law were not made permanent, with most expiring in 2028, still leaving some uncertainty. We outline some of the most relevant changes in the handout linked above.