Highlights from the New Tax Law
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| The One Big Beautiful Bill Act often nicknamed the “Big Beautiful Bill” is a sweeping piece of legislation signed into law by President Trump on July 4, 2025.
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Let’s take a closer look together - these changes could influence your next tax return.
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| Visit our website for more tax information and to see what our team is up to this summer! |
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| We’ve distilled the key highlights so you can stay informed, prepared, and maybe even a little inspired. |
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From charitable giving to auto loan interest deductions, from revamped education savings to the launch of Trump Accounts for kids, this bill touches nearly every corner of personal finance. Let’s dive into what’s new, what’s ending, and what it all means for you. |
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| A new 0.5% AGI floor and a 35% deduction cap will affect how charitable donations are treated. If you give regularly or are planning a significant gift, 2025 may offer a more favorable window |
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Taxpayers taking the standard deduction can now claim an additional charitable contribution deduction—up to $1,000 for individuals and $2,000 for joint filers. |
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| The electric vehicle (EV) tax credit is set to expire on September 30, 2025. |
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Tax credits for energy-efficient home upgrades will no longer be available after the 2025 tax year. |
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| Beginning in 2026, gambling losses will only be deductible up to 90% of your gambling winnings. |
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Up to $20,000 per year from a 529 college savings plan can now be used tax-free for K–12 education expenses. |
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| Interest paid on auto loans is deductible up to $10,000 for eligible vehicles.
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The new Trump savings account allows up to $5,000 in annual contributions for children born between 2024 and 2029, with tax-advantaged savings continuing until the child turns eighteen. |
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| The Big Beautiful Bill is more than a collection of tax tweaks and savings strategies, it’s a roadmap for how policy can shape everyday lives. |
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📞 (773) 334-4445 |
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| That's it for this month. We do more than just taxes and are always available to discuss potential tax savings with clients. Don't hesitate to contact us with any questions regarding these matters or any other issues you may have. |
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"Your referrals are always greatly appreciated" |
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| Visit our Website to see what we're up to: |
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| Ascend Accounting Group, LLC 3175 Commercial Ave Ste 201 Northbrook, IL 60062 Office Number (224) 330-6700 |
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