The One Big Beautiful Bill Act of 2025 has a significant effect on federal taxes, credits and deductions. It was signed into law on July 4, 2025, as Public Law 119-21.
These provisions go into effect in 2025:
- No tax on tips
- No tax on overtime
- No tax on car loan interest
- Deduction for seniors
Read the full IRS provisions: https://www.irs.gov/newsroom/one-big-beautiful-bill-act-of-2025-provisions
