💵 Big Tax Breaks Are Back? Here’s What You Need to Know About the “One Big Beautiful Bill”
- Karim
- 20 hours ago
- 1 min read
The proposed One Big Beautiful Bill (aka OBBBA) is making waves in Washington—and for good reason. It’s packed with sweeping tax breaks that could impact your wallet, whether you’re a working parent, a small business owner, or a high-income earner. Here’s a quick breakdown from Karim the Tax Pro so you know what’s coming down the pipeline:
The lower income tax rates from the 2017 Tax Cuts and Jobs Act? Staying.
Standard deduction stays high—$14K for singles, $28K for couples—with a bonus $2,000 per filer through 2027.
👶 2. Bigger Child Tax Credit
Up to $2,500 per child (up from $2,000).
More of it is refundable—meaning you get cash back, even if you owe little or nothing.
Phases out at $200K/$400K income.
🛠️ 3. New Overtime Deduction for Workers
Hourly employees earning under $100K? You might qualify for a 20% deduction on your overtime pay.
That’s real savings just for working extra.
💼 4. Business Owners Rejoice
The 21% corporate tax rate is locked in.
100% bonus depreciation is back—write off business purchases instantly.
20% pass-through deduction (Section 199A) stays for freelancers, LLCs, and S-corps.
⚠️ A Word of Caution:
These perks expire in 2027, unless renewed. And while they help many Americans, the biggest benefits go to the top earners and big businesses.
📣 Final Word from Karim the Tax Pro:
Whether you’re an employee, entrepreneur, or investor, these changes could mean more money in your pocket—or more strategy needed to stay ahead.
📅 Book your FREE tax consultation today and pay $0 upfront tax preparation fees.
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