Congress just passed a tax law with a name as subtle as a sledgehammer: the “One Big Beautiful Bill Act.”

At over 900 pages, this thing is massive – the legislative equivalent of a Cheesecake Factory menu. It’s tempting to tune it out entirely, but a few parts are genuinely worth paying attention to. Especially if you’re planning for retirement, raising a family, or just trying to make sense of your financial future.

Here’s how I think of it: back in 2017, the tax code went through a major renovation. That was the foundation. This new law doesn’t tear it down. More or less, it remodels it. A few new rooms, some fresh paint, a couple walls knocked down. Same house, different layout.

So, what’s actually changing? Here are 7 updates that matter:

1. Standard Deduction Bump
   Starting in 2025, the standard deduction increases to $15,750 for single filers and $31,500 for married couples filing jointly. That means more of your income is shielded from taxes right off the bat, which is a small win that could add up over time.
2. SALT Deduction Gets Some Relief
   The cap on state and local tax deductions jumps from $10,000 to $40,000. This is a big deal for folks in high-tax states like New York, New Jersey, or California. If you’re used to losing out on a big deduction because of that $10,000 cap, this change could make a noticeable difference.
3. Extra Deduction for Retirees
   If you’re 65 or older, you may qualify for an additional $6,000 standard deduction. Well, depending on your income. That’s a nice boost for retirees trying to stretch their dollars in a high-inflation world.
4. Child Tax Credit + A New “Trump Account”
   The Child Tax Credit increases to $2,200. And here’s a unique twist: every child born from 2025 to 2028 gets a $1,000 federally-backed account (nicknamed the “Trump Account”) to encourage early savings. Think of it as a baby bonus with a future purpose.
5. Student Loan Shakeups
   Several federal repayment options, including SAVE and PAYE, are being phased out. The Grad PLUS loan program — a go-to for many graduate students — will end July 1, 2026. If you or your kids are planning on borrowing for school, this one deserves a closer look.
6. 529 Plans Just Got More Flexible
   These education savings accounts now cover up to $20,000 in K–12 tuition, educational therapies, and more. It’s another sign that 529s aren’t just for college anymore, they’re actually evolving into broader tools for family education planning.
7. Credits & Deductions: Some In, Some Out
   New temporary perks are available for tipped workers and buyers of U.S.-made car loans. Meanwhile, some clean energy and electric vehicle incentives are starting to wind down. The takeaway? Some benefits are short-term boosts, others are fading. Therefore, timing could be everything.

Some of these changes kick in immediately. Others take effect down the line. Either way, this bill has a little something for everyone, which is exactly why reviewing your personal plan now can help you stay ahead of the curve.

If you’re wondering what this means for you, your family, or your retirement path, take the time to talk it through. Because no matter how “beautiful” a bill might look on paper, it’s how it fits your life that really counts.

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