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Trump's tax and spending law will impact education savings, gambling losses and tips. Here's a breakdown of the highlights.
20hon MSN
President Donald Trump ’s ‘big beautiful bill’ delivers a temporary higher limit on the federal deduction for state and local taxes, known as SALT. But the phaseout, or income-based benefit reduction, could trigger a tax surprise for some higher earners, experts say.
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,
If you’re banking on tax-free overtime to boost your paycheck, you’re out of luck. Trump’s “big beautiful bill” doesn’t change what you’re paid; it changes what you’re taxed. That happens at tax time, not on payday. Employers will keep withholding taxes as usual, and it’s up to you to apply the deduction — if you qualify — when you file.
Many filers won’t be able to take full advantage of expanded deductions in the recently passed tax law.
Receiving a big tax refund can feel like winning the lottery. The direct deposit hits, and suddenly there’s extra money in your account. For many Americans,