Big changes are ahead for individual taxpayers. The One Big Beautiful Bill Act introduces a range of updates, from new tax breaks to adjustments in existing ones, that could significantly impact many individuals. It also makes permanent most of the tax cuts and credit changes originally made under the Tax Cuts and Jobs Act, with a few notable modifications.

The One, Big, Beautiful Bill Act (OBBBA) includes numerous provisions affecting the tax liability of U.S. businesses. For many businesses, the favorable provisions outweigh the unfavorable, but both kinds are likely to impact your tax planning.

The One, Big, Beautiful Bill Act is now law. Here’s an overview of its key provisions.

Here are just a few of the provisions of The One, Big, Beautiful Bill, a massive tax and spending bill. The proposed legislation is currently back with the House of Representatives for further debate and a vote.