The One, Big Beautiful Bill and Your Finances

See how the new tax law changes could affect businesses, families, and future planning.

Congress has passed the One Big Beautiful Bill (OBBBA), introducing sweeping tax law changes beginning in 2025. Many provisions from the 2017 Tax Cuts and Jobs Act (TCJA) are now permanent, while several new deductions and credits are taking shape. At the same time, some long-standing credits are being phased out.

Highlights of the OBBBA:

• Increased standard deduction: $31,500 for married filing jointly in 2025
• Child Tax Credit: Raised to $2,200, indexed for inflation
• New $6,000 senior deduction (2025–2028, phased out at higher incomes)
• Estate & gift tax exclusion: $13.99M in 2025, rising to $15M in 2026
• Permanent 20% Qualified Business Income (QBI) deduction for business owners
• New deductions on tips, overtime, and car loans starting in 2025
• Phase-out of clean vehicle and energy-efficient credits by 2026

Expert Insight

“The One, Big Beautiful Bill represents one of the most sweeping sets of tax changes since the TCJA,” says David Theiss, CPA, CFP®, VP, Senior Wealth Management Advisor & Financial Planner. “For many families, it means higher deductions and a more valuable Child Tax Credit. But it also removes some popular credits, which means planning ahead will be more important than ever.”

Croghan’s Wealth Management team is here to help you evaluate how these changes impact your tax strategy and prepare for the future with confidence.