The tax landscape shifted dramatically when Congress passed, and the president signed, what they referred to as the One Big Beautiful Bill (OBBB).
The bill was packed with plenty of changes, perhaps the most important being that it kept tax rates from going up at the end of this year. If the bill hadn't passed, we would have reverted to the tax rates that existed before the Tax Cuts and Jobs Act of 2017, and taxes would have increased as of January 1.
