It seems as if every few years tax laws change, and taxpayers have to figure out whether, and how, these changes affect their own situation. This year is no different.
The One Big Beautiful Bill (OBBB) was signed into law on July 4, 2025, with most provisions taking effect on Jan. 1, 2026, and applying to 2026 tax returns. The legislation permanently extends key provisions from the 2017 Tax Cuts and Jobs Act (TCJA) that were set to expire, preventing substantial tax increases for most Americans while increasing after-tax income.
Beyond preserving existing tax benefits, the bill introduces several new tax cuts for individuals and businesses. However, many individual tax benefits are temporary, applying only to tax years 2025 through 2028.This creates planning challenges, as future congressional action will determine whether these provisions continue beyond President Donald Trump’s current term.
For a close-up view of how some of the permanent changes and temporary provisions may affect your tax return, check out the following changes and what each could mean to you.
