A provision in the One Big Beautiful Bill Act, recently signed into law by President Trump, will create the country’s first federal tax credit for donations to private schools. It aims to give families more choice in their child’s education,

On July 4, 2025, legislation known as the "One Big Beautiful Bill" was signed into law. Learn about the 2025 tax changes here.

Now that President Donald Trump signed the bill, workers will be able to deduct up to $25,000 in reported tips and $12,500 in overtime pay from their taxable income on their federal tax returns.