Tag Archive for: president trump administration

Eight Tax Deductions For Homeowners Under The One Big Beautiful Bill

There are eight tax breaks for homeowners you'll want to know about, updated for the 2026 tax year and reflecting changes from the One Big Beautiful Bill. Remember, these guidelines apply to the 2026 tax year, which you will file in 2027.

Trump’s Tax Cuts: What Will Be Different When You File Taxes In 2026?

Although many of the changes take effect in 2026, taxpayers will already notice meaningful differences when filing their 2025 tax returns. You’ll find new deductions and new forms when you file taxes this year, thanks to the One Big Beautiful Bill Act.

Trump Promises ‘Largest Tax Refund Season Of All Time.’ What You Can Expect

Citing changes enacted for the 2025 tax year under his 'Big Beautiful Bill', President Trump says next spring is projected to be the largest tax refund season of all time, However, experts caution that refund amounts will vary based on how much tax individuals paid in 2025 and which provisions of the new law apply to their personal situations.

New Tax Rules: Income The IRS Won’t Touch In 2025

While the OBBB tax and spending law will offer potential breaks for many, it also introduces confusion about what’s truly non-taxable. Here's a breakdown of income the IRS won’t tax and how the new law might impact your next return.

Workers In 68 Jobs May Soon Be Exempt from Paying Taxes On Tips — Including Some Unexpected Ones

According to the White House, the new 'No Tax On Tips' provision could save eligible workers around $1,300 per year. However, the value of the tax break may be limited depending on income, tip levels, and the nature of the job — particularly for those in roles not commonly associated with receiving tips.

New Gambling ‘Phantom Taxes’ Start In 2026 – What This Means For Your Winnings And Tax Burden

Starting in 2026, thanks to a provision buried in the recently passed One Big Beautiful Bill Act, the amount of gambling losses you can deduct caps at 90%, down from the previous 100%. That means you could be taxed on income you never actually profited from — what critics are calling a “phantom tax.”