New Tax Law: Higher Deductions, Crypto Reporting

The One Big Beautiful Bill Act, signed in July, introduces new tax provisions and changes for the 2025 tax year. Key alterations include a higher standard deduction, a new personal deduction for seniors, and an increased child tax credit. However, the complexity of the tax code has escalated, and new deductions for tips, overtime pay, and clean vehicle credits come with specific income limits and requirements. Additionally, cryptocurrency transactions on centralized exchanges will now be reported to the IRS.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.