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Soy Aire on MSNTax Savings: The One Big Beautiful Bill Act's Impact on Your Finances
Starting in 2025, the One Big Beautiful Bill Act (OBBBA) introduces historic tax cuts, making key provisions from the 2017 Tax Cuts and Jobs Act permanent while adding new benefits. From enhanced deductions to expanded credits,
The IRS has released new guidelines to help taxpayers understand the Big Beautiful Bill, a sweeping tax reform law now in effect for the 2025 filing season. Aimed at middle-class workers, boomers and retirees,
Roughly 600,000 retirees in Oklahoma are expected to benefit from a new federal deduction that exempts most Social Security income from taxes starting in 2026.
The Trump bill — which was enacted in early July — introduces an additional tax deduction for taxpayers who are 65 or older. The deduction could be up to $6,000 for an individual tax filer and up to $12,000 for a married couple if both spouses qualify.