The IRS has released new guidelines to help taxpayers understand the Big Beautiful Bill, a sweeping tax reform law now in effect for the 2025 filing season. Aimed at middle-class workers, boomers and retirees, the bill introduces major changes — including new deductions for seniors and the elimination of federal income tax on tips, car loan interest and overtime pay.
If you’re confused about what the Big Beautiful Bill means for you, we breakdown the new guidance below.
