What precisely has modified with the brand new tax invoice known as the One Huge Stunning Invoice? The invoice handed into regulation efficient for tax 12 months 2025 incorporates vital tax updates: It completely extends the Tax Cuts and Jobs Act (TCJA), will increase the SALT deduction cap, makes cuts to vitality credit, and modifications how suggestions and additional time are taxed for some employees.
Our infographic offers a visible snapshot of those modifications to get forward of your tax submitting and monetary plans.
Need to see how these modifications affect your taxes? Take the subsequent step with our Tax Reform Calculator to estimate your potential tax financial savings and get a personalised understanding of the brand new tax regulation.
TurboTax is right here that will help you navigate the brand new tax regulation modifications and maximize your refund. We’ve bought you lined, whether or not you need to do your taxes your self or have a TurboTax Live expert do them for you.