HOW WILL THE NEW BIG BEAUTIFUL BILL ACT AFFECT ME?

The bill makes the larger standard deduction created under the TCJA permanent.

Personal exemptions for individuals, spouses, and dependents are permanently removed.

Taxpayers 65 and older will be able to take an additional $6,000 off of their taxable income.

No Tax on Overtime or tips.

The Child Tax Credit (CTC) set by the TCJA is now permanent increased to $2,200 per child.

Other Dependent Credit made permanent.

No tax on new car loan interest.

Eliminates the clean vehicle credits for vehicles acquired after September 30, 2025.

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