topic New Tax Deductions &amp; Changes - One Big Beautiful Bill Act (OBBBA) in Deductions & credits https://ttlc.intuit.com/community/tax-credits-deductions/discussion/new-tax-deductions-changes-one-big-beautiful-bill-act-obbba/01/3699496#M352779 <P><SPAN><span class="lia-inline-image-display-wrapper lia-image-align-right" image-alt="OBBBA Guide 2025_8_29.png" style="width: 417px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/50918iFCA28E01A14A32E1/image-dimensions/417x286?v=v2" width="417" height="286" role="button" title="OBBBA Guide 2025_8_29.png" alt="OBBBA Guide 2025_8_29.png" /></span>Be prepared&nbsp; and plan ahead for differences in your tax refund or balance due - hopefully in a good “more money in your pocket” kind of way! Let’s clear up the confusion about major changes in tax deductions such as </SPAN><STRONG>no tax on tips</STRONG><SPAN>, </SPAN><STRONG>Social Security</STRONG><SPAN>, and </SPAN><STRONG>overtime</STRONG><SPAN>. Or maybe your concerns are around the changes to the </SPAN><STRONG>Child Tax Credit</STRONG><SPAN> or </SPAN><STRONG>energy credits</STRONG><SPAN>. Rest assured - TurboTax is there to help you maximize your refund!<BR /><BR /></SPAN></P> <UL> <LI style="font-weight: 400;" aria-level="1"><A href="https://turbotax.intuit.com/tax-tips/general/taxes-2021-7-upcoming-tax-law-changes/L3xFucBvV?cid=em_55785_NULL_003&amp;pid=186df12b80f31495096d36c2e64c0274a&amp;CP5=DR" target="_blank" rel="noopener"><SPAN>Taxes 2025-2026: One Big Beautiful Bill Tax Law Changes and How That Impacts You</SPAN></A><SPAN> - A nice overview of the common changes!</SPAN></LI> <LI style="font-weight: 400;" aria-level="1"><A href="https://blog.turbotax.intuit.com/breaking-news/president-trumps-tax-proposals-overtime-tax-taxes-on-tips-and-tax-cuts-and-jobs-act-extension-and-more-110614/" target="_blank" rel="noopener"><SPAN>Trump's Tax Proposals: One Big Beautiful Bill Summary &amp; Tax Changes</SPAN></A><SPAN> - Similar to the above, but with a Q&amp;A style to help easily guide you.</SPAN></LI> <LI style="font-weight: 400;" aria-level="1"><A href="https://blog.turbotax.intuit.com/tax-reform/big-beautiful-bill-tax-changes-navigating-tax-reform-120492/" target="_blank" rel="noopener"><SPAN>Navigating Tax Reform: One Big Beautiful Bill Tax Changes</SPAN></A><SPAN> - Are you more visual? This one has graphics that summarize major changes.</SPAN></LI> <LI style="font-weight: 400;" aria-level="1"><A href="https://turbotax.intuit.com/tax-tips/family/child-tax-credit/L9ZIjdlZz" target="_blank" rel="noopener"><SPAN>Child Tax Credit for 2024-2025</SPAN></A><SPAN> - There’s a little increase for 2025 and changes to who qualifies.</SPAN></LI> <LI style="font-weight: 400;" aria-level="1"><A href="https://turbotax.intuit.com/tax-tips/home-ownership/energy-tax-credit-which-home-improvements-qualify/L5rZH56ex" target="_blank" rel="noopener"><SPAN>2024-025 Energy Tax Credit: Which Home Improvements Qualify</SPAN></A><SPAN> - Hurry! Get your energy improvements done now - the credits expire after December 31, 2025..</SPAN></LI> <LI style="font-weight: 400;" aria-level="1"><A href="https://blog.turbotax.intuit.com/tax-reform/tax-reform-calculator-120487/" target="_blank" rel="noopener"><SPAN>Free Tax Reform Calculator</SPAN></A><SPAN> - Pick a scenario and go from there! How great is that?!&nbsp;</SPAN></LI> </UL> <P><STRONG><BR />BONUS </STRONG><SPAN>- Here are direct links to certain tax provisions - especially for those who like to go directly to the source - the </SPAN><STRONG>H.R.1 - One Big Beautiful Bill Act</STRONG><SPAN>.</SPAN><SPAN><BR /></SPAN><A href="https://www.congress.gov/bill/119th-congress/house-bill/1#:~:text=(Sec.%2070201)%20This,federal%20tax%20return." target="_blank" rel="noopener"><SPAN>Bill text on qualified tip income</SPAN><SPAN><BR /></SPAN></A><A href="https://www.congress.gov/bill/119th-congress/house-bill/1#:~:text=(Sec.%2070202)%20This%20section%20establishes%20a%20new%20above%2Dthe%2Dline%20tax%20deduction%2C%20through%202028%2C%20of%20up%20to%20%2412%2C500%20(%2425%2C000%20for%20joint%20filers)%20for%20qualified%20overtime%20compensation%2C%20which%20begins%20to%20phase%20out%20for%20individuals%20whose%20modified%20adjusted%20gross%20income%20exceeds%20%24150%2C000%20(%24300%2C000%20for%20joint%20filers)." target="_blank" rel="noopener"><SPAN>Bill text on qualified overtime compensation</SPAN><SPAN><BR /></SPAN></A><A href="https://www.congress.gov/bill/119th-congress/house-bill/1#:~:text=(Sec.%2070401)%20This,care%20assistance%20program." target="_blank" rel="noopener"><SPAN>Bill text on employer credit for child care expenses to employees</SPAN><SPAN><BR /></SPAN></A><A href="https://www.congress.gov/bill/119th-congress/house-bill/1#:~:text=(Sec.%2070104)%20This,each%20qualifying%20child." target="_blank" rel="noopener"><SPAN>Bill text on child tax credit increase to $2,200 per child in 2025</SPAN><SPAN><BR /></SPAN></A><A href="https://www.congress.gov/bill/119th-congress/house-bill/1#:~:text=(Sec.%2070103)%20This,and%20identification%20requirements)." target="_blank" rel="noopener"><SPAN>Bill text on personal exemption tax deduction for individuals 65 years and older</SPAN><SPAN><BR /></SPAN></A><A href="https://www.congress.gov/bill/119th-congress/house-bill/1#:~:text=This%20subchapter%20terminates%20multiple%20energy%2Drelated%20federal%20tax%20credits." target="_blank" rel="noopener"><SPAN>Bill text on termination of residential energy credits</SPAN></A></P> <P><STRONG><BR /><FONT size="5">If you need tax advice or have questions that aren't answered in the links above, please ask in our<SPAN>&nbsp;</SPAN></FONT><A href="https://ttlc.intuit.com/community/file-with-turbotax/discussion/03/303" target="_blank" rel="noopener"><FONT size="5">Taxes</FONT></A><FONT size="5"><SPAN>&nbsp;</SPAN>forum that best fits your needs!</FONT><BR /></STRONG></P> Fri, 29 Aug 2025 15:15:32 GMT KarenL 2025-08-29T15:15:32Z New Tax Deductions & Changes - One Big Beautiful Bill Act (OBBBA) https://ttlc.intuit.com/community/tax-credits-deductions/discussion/new-tax-deductions-changes-one-big-beautiful-bill-act-obbba/01/3699496#M352779 <P><SPAN><span class="lia-inline-image-display-wrapper lia-image-align-right" image-alt="OBBBA Guide 2025_8_29.png" style="width: 417px;"><img src="https://ttlc.intuit.com/community/image/serverpage/image-id/50918iFCA28E01A14A32E1/image-dimensions/417x286?v=v2" width="417" height="286" role="button" title="OBBBA Guide 2025_8_29.png" alt="OBBBA Guide 2025_8_29.png" /></span>Be prepared&nbsp; and plan ahead for differences in your tax refund or balance due - hopefully in a good “more money in your pocket” kind of way! Let’s clear up the confusion about major changes in tax deductions such as </SPAN><STRONG>no tax on tips</STRONG><SPAN>, </SPAN><STRONG>Social Security</STRONG><SPAN>, and </SPAN><STRONG>overtime</STRONG><SPAN>. Or maybe your concerns are around the changes to the </SPAN><STRONG>Child Tax Credit</STRONG><SPAN> or </SPAN><STRONG>energy credits</STRONG><SPAN>. Rest assured - TurboTax is there to help you maximize your refund!<BR /><BR /></SPAN></P> <UL> <LI style="font-weight: 400;" aria-level="1"><A href="https://turbotax.intuit.com/tax-tips/general/taxes-2021-7-upcoming-tax-law-changes/L3xFucBvV?cid=em_55785_NULL_003&amp;pid=186df12b80f31495096d36c2e64c0274a&amp;CP5=DR" target="_blank" rel="noopener"><SPAN>Taxes 2025-2026: One Big Beautiful Bill Tax Law Changes and How That Impacts You</SPAN></A><SPAN> - A nice overview of the common changes!</SPAN></LI> <LI style="font-weight: 400;" aria-level="1"><A href="https://blog.turbotax.intuit.com/breaking-news/president-trumps-tax-proposals-overtime-tax-taxes-on-tips-and-tax-cuts-and-jobs-act-extension-and-more-110614/" target="_blank" rel="noopener"><SPAN>Trump's Tax Proposals: One Big Beautiful Bill Summary &amp; Tax Changes</SPAN></A><SPAN> - Similar to the above, but with a Q&amp;A style to help easily guide you.</SPAN></LI> <LI style="font-weight: 400;" aria-level="1"><A href="https://blog.turbotax.intuit.com/tax-reform/big-beautiful-bill-tax-changes-navigating-tax-reform-120492/" target="_blank" rel="noopener"><SPAN>Navigating Tax Reform: One Big Beautiful Bill Tax Changes</SPAN></A><SPAN> - Are you more visual? This one has graphics that summarize major changes.</SPAN></LI> <LI style="font-weight: 400;" aria-level="1"><A href="https://turbotax.intuit.com/tax-tips/family/child-tax-credit/L9ZIjdlZz" target="_blank" rel="noopener"><SPAN>Child Tax Credit for 2024-2025</SPAN></A><SPAN> - There’s a little increase for 2025 and changes to who qualifies.</SPAN></LI> <LI style="font-weight: 400;" aria-level="1"><A href="https://turbotax.intuit.com/tax-tips/home-ownership/energy-tax-credit-which-home-improvements-qualify/L5rZH56ex" target="_blank" rel="noopener"><SPAN>2024-025 Energy Tax Credit: Which Home Improvements Qualify</SPAN></A><SPAN> - Hurry! Get your energy improvements done now - the credits expire after December 31, 2025..</SPAN></LI> <LI style="font-weight: 400;" aria-level="1"><A href="https://blog.turbotax.intuit.com/tax-reform/tax-reform-calculator-120487/" target="_blank" rel="noopener"><SPAN>Free Tax Reform Calculator</SPAN></A><SPAN> - Pick a scenario and go from there! How great is that?!&nbsp;</SPAN></LI> </UL> <P><STRONG><BR />BONUS </STRONG><SPAN>- Here are direct links to certain tax provisions - especially for those who like to go directly to the source - the </SPAN><STRONG>H.R.1 - One Big Beautiful Bill Act</STRONG><SPAN>.</SPAN><SPAN><BR /></SPAN><A href="https://www.congress.gov/bill/119th-congress/house-bill/1#:~:text=(Sec.%2070201)%20This,federal%20tax%20return." target="_blank" rel="noopener"><SPAN>Bill text on qualified tip income</SPAN><SPAN><BR /></SPAN></A><A href="https://www.congress.gov/bill/119th-congress/house-bill/1#:~:text=(Sec.%2070202)%20This%20section%20establishes%20a%20new%20above%2Dthe%2Dline%20tax%20deduction%2C%20through%202028%2C%20of%20up%20to%20%2412%2C500%20(%2425%2C000%20for%20joint%20filers)%20for%20qualified%20overtime%20compensation%2C%20which%20begins%20to%20phase%20out%20for%20individuals%20whose%20modified%20adjusted%20gross%20income%20exceeds%20%24150%2C000%20(%24300%2C000%20for%20joint%20filers)." target="_blank" rel="noopener"><SPAN>Bill text on qualified overtime compensation</SPAN><SPAN><BR /></SPAN></A><A href="https://www.congress.gov/bill/119th-congress/house-bill/1#:~:text=(Sec.%2070401)%20This,care%20assistance%20program." target="_blank" rel="noopener"><SPAN>Bill text on employer credit for child care expenses to employees</SPAN><SPAN><BR /></SPAN></A><A href="https://www.congress.gov/bill/119th-congress/house-bill/1#:~:text=(Sec.%2070104)%20This,each%20qualifying%20child." target="_blank" rel="noopener"><SPAN>Bill text on child tax credit increase to $2,200 per child in 2025</SPAN><SPAN><BR /></SPAN></A><A href="https://www.congress.gov/bill/119th-congress/house-bill/1#:~:text=(Sec.%2070103)%20This,and%20identification%20requirements)." target="_blank" rel="noopener"><SPAN>Bill text on personal exemption tax deduction for individuals 65 years and older</SPAN><SPAN><BR /></SPAN></A><A href="https://www.congress.gov/bill/119th-congress/house-bill/1#:~:text=This%20subchapter%20terminates%20multiple%20energy%2Drelated%20federal%20tax%20credits." target="_blank" rel="noopener"><SPAN>Bill text on termination of residential energy credits</SPAN></A></P> <P><STRONG><BR /><FONT size="5">If you need tax advice or have questions that aren't answered in the links above, please ask in our<SPAN>&nbsp;</SPAN></FONT><A href="https://ttlc.intuit.com/community/file-with-turbotax/discussion/03/303" target="_blank" rel="noopener"><FONT size="5">Taxes</FONT></A><FONT size="5"><SPAN>&nbsp;</SPAN>forum that best fits your needs!</FONT><BR /></STRONG></P> Fri, 29 Aug 2025 15:15:32 GMT https://ttlc.intuit.com/community/tax-credits-deductions/discussion/new-tax-deductions-changes-one-big-beautiful-bill-act-obbba/01/3699496#M352779 KarenL 2025-08-29T15:15:32Z