How the Big Beautiful Bill Will Impact Your Money – Part 2
In this episode, we break down five more key provisions in the Big Beautiful Bill that directly affect your money:
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Opportunity Zones Made Permanent The popular tax incentive program now offers permanent deferral and elimination of capital gains taxes for investments in low-income areas, with stricter targeting to ensure community impact.
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Standard Deduction Increased The baseline income you can deduct rises to $15,750 for single filers and $31,500 for married couples filing jointly. A modest change, but one that benefits nearly all taxpayers.
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Senior Bonus Deduction Expanded Americans age 65 and older get a larger additional deduction, now $7,600 for individuals and $8,000 for surviving spouses. Income limits apply, making this a strategic tool for middle-income retirees.
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Child Tax Credit Increased The maximum credit per child under age 17 rises from $2,000 to $2,200 in 2025. For families with multiple children, this adds up quickly and reduces your tax bill dollar-for-dollar.
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Charitable Deduction for Non-Itemizers Returns Starting in 2025, taxpayers who take the standard deduction can still deduct up to $1,000 (or $2,000 for joint filers) in charitable donations. This change is now permanent, encouraging broader giving.
If you're looking to keep more of your income and give more strategically, these updates are worth a close look. Stay tuned for Part 3, where we’ll continue unpacking the most important financial changes coming your way.
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