The One Big, Beautiful Bill Act: Your Guide to the New Tax Landscape

Sweeping tax legislation changes the rules for individuals, businesses and charities. Learn what it means – and how to take action now

 

Signed into law on July 4, 2025, the One Big, Beautiful Bill Act introduces sweeping changes for individual taxpayers, businesses and charitable organizations. This landmark legislation makes permanent several benefits first introduced under the 2017 Tax Cuts and Jobs Act—while adding new provisions that could significantly impact your financial planning.

Key Highlights of the Legislation 

  • Extension of 2017 Tax Cuts
    Permanent provisions from the 2017 Tax Cuts and Jobs Act
  • New Tax Breaks for Hourly Workers
    No tax on tips or overtime pay
  • Pro-Business Incentives
    Enhanced deductions for partnerships, S corporations and sole proprietors

Charitable Giving Updates (beginning in 2026) 

  • Limited charitable deductions for non-itemizers
  • New floors and haircuts on itemized charitable deductions

What Does This Mean for You?

The impact depends on your income level, income type and where you live. Explore strategies for individuals, business owners and philanthropists.

Plan Ahead: Key Charitable Deduction Considerations 

  • Itemizers:
    Accelerate charitable contributions in 2025 to avoid upcoming changes/limitations
    Consider bunching charitable contributions to reach itemization minimums and benefits
  • Non-itemizers:
    Delay charitable gifts until next year to take advantage of new deductions

What’s Next?

Whether you’re an individual taxpayer, business owner, philanthropist or nonprofit, understanding these changes can help you make informed decisions.

Contact your advisor to help you navigate the new landscape and optimize your charitable giving plan.

A Private Wealth Advisor can help you get started.

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