What You Need to Know About the One Big Beautiful Bill Act (OBBA)

Updates | July 14, 2025

What You Need to Know About the One Big Beautiful Bill Act (OBBA)

By Winthrop Wealth

The One Big Beautiful Bill Act (OBBA) brings major updates to U.S. tax law with long-term implications for individuals, families, and business owners. From the permanent extension of the 2017 Tax Cuts and Jobs Act to expanded deductions, estate planning changes, and new savings incentives, OBBA touches nearly every aspect of your financial life. In this article, the experts at Winthrop Wealth break down the key provisions to help you understand how they could affect your tax strategy, retirement planning, charitable giving, and more. Whether you're optimizing for 2025 or looking ahead to long-term goals, proactive planning is now more essential than ever.

What You Need to Know About the One Big Beautiful Bill Act

DISCLOSURES

Content in this material is for general information only and not intended to provide specific advice or recommendations for any individual.

This information is not intended to be a substitute for individualized tax advice. We suggest that you discuss your specific tax situation with a qualified tax advisor.

Financial planning is a tool intended to review your current financial situation, investment objectives and goals, and suggest potential planning ideas and concepts that may be of benefit.

There is no guarantee that financial planning will help you reach your goals.

This material was created using Artificial Intelligence (AI) tools.

Sources

U.S. Congress. “Tax Cuts and Jobs Act.” Congress.gov. [https://www.congress.gov/bill/115th-congress/house-bill/1]

Internal Revenue Service. “Estate and Gift Tax FAQs.” IRS.gov. [https://www.irs.gov/businesses/small-businesses-self-employed/frequently-asked-questions-on-estate-taxes]

Internal Revenue Service. “Standard Deduction.” IRS.gov. [https://www.irs.gov/newsroom/standard-deduction]

Tax Policy Center. “State and Local Tax (SALT) Deduction.” [https://www.taxpolicycenter.org/briefing-book/what-state-and-local-tax-deduction]

Internal Revenue Service. “Charitable Contribution Deductions.” IRS.gov. [https://www.irs.gov/charities-non-profits/charitable-organizations/charitable-contribution-deductions]

U.S. Department of Energy. “Federal Tax Credits for Electric Vehicles.” [https://www.energy.gov/eere/electricvehicles/electric-vehicles-tax-credits-and-other-incentives]

Internal Revenue Service. “Tip Income – Reporting and Taxation.” IRS.gov. [https://www.irs.gov/businesses/small-businesses-self-employed/tip-income-reporting-and-taxation]

Internal Revenue Service. “Overtime Pay: Tax Withholding and Deductions.” IRS.gov. [https://www.irs.gov/newsroom/overtime-pay-tax-withholding-and-deductions]

U.S. Department of the Treasury. “Car Loan Interest Deductions.” [https://home.treasury.gov/policy-issues/tax-policy/car-loan-interest-deductions]

Internal Revenue Service. “Child Tax Credit.” IRS.gov. [https://www.irs.gov/credits-deductions/individuals/child-tax-credit]

U.S. Department of Health and Human Services. “Flex Spending Accounts for Dependent Care.” [https://www.hhs.gov/answers/health-insurance-marketplace/flexible-spending-account/index.html]

Internal Revenue Service. “Small Business Stock, Section 1202.” IRS.gov. [https://www.irs.gov/businesses/small-businesses-self-employed/small-business-stock-section-1202]

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