What the Big Beautiful Bill Means for You: Key Tax Law Changes Every Individual Should Know

The new tax legislation under the Big Beautiful Bill is inspiring lots of questions.

Taxes are changing—again. And while the name may sound glamorous, the Big Beautiful Bill brings some serious shifts for individual taxpayers. Whether you’re a high earner, retiree, or working professional, these changes could impact your paycheck, your planning, and your peace of mind. Here’s what you need to know.

📌 Section 1: Higher Standard Deduction (Again)

💡 Why it matters: More people may skip itemizing.

• The bill boosts the standard deduction across the board.

• Could reduce the incentive for mortgage interest or charitable contributions.

✅ Tax Pro Tip: Reevaluate whether bunching deductions still makes sense in your strategy.

📌 Section 2: Expanded Child Tax Credit

👶 More money, more access.

• Increased per-child amount (e.g., from $2,000 to $3,000+ depending on age).

• Refundable portion expanded.

• Income phaseout thresholds raised.

✅ Tax Pro Tip: Even if you don’t owe taxes, you may now qualify for a larger refund.

📌 Section 3: Changes to Capital Gains Treatment

📈 Investors, pay attention.

• Long-term capital gains brackets adjusted.

• Holding period definitions may shift in niche cases.

✅ Tax Pro Tip: Timing your sales and harvesting losses may be more valuable than ever.

📌 Section 4: Retirement & RMD Flexibility

🧓 Good news for retirees.

• RMD age raised again (possibly to age 75).

• Catch-up contributions increased for those 60+.

• Roth IRA conversions still allowed—but with new limits for high-income earners.

✅ Tax Pro Tip: It may be time to revisit your Roth conversion strategy.

📌 Section 5: SALT Deduction Cap Adjustment

🏠 More relief for homeowners in high-tax states.

• State and local tax (SALT) deduction cap increased or repealed.

• Could dramatically impact those in NY, NJ, CA, etc.

✅ Tax Pro Tip: If you’ve been limited by the SALT cap, 2025 might bring a bigger refund.

📌 Section 6: Energy Credits & Green Incentives

♻️ Going green gets a boost.

• Extended and expanded energy-efficient home improvement credits.

• EV tax credit updated with income and vehicle limits.

• New rebate programs for certain energy-saving upgrades.

✅ Tax Pro Tip: Energy credits may tip the scales if you’re planning big purchases this year.

📣 Closing Thoughts:

Whether these changes help or hurt depends on how you respond. Tax laws are never one-size-fits-all—but your strategy should be.

🗓️ Now is the time to schedule your mid-year tax review. Let’s make sure you’re positioned to take full advantage of what this “big beautiful” legislation offers.

📌 Call to Action:

Book a Tax Strategy Session Today🔗https://topdogtax.taxdome.com/en-us/signup Let’s keep more of your money in your pocket—where it belongs.