This self-study course provides a clear and practical review of H.R. 1, the One Big Beautiful Bill Act (OBBBA)—also known as the Working Families Tax Cut Act—signed into law on July 4, 2025. Representing the most significant tax reform since the Tax Cuts and Jobs Act (TCJA), the OBBBA makes several TCJA provisions permanent and introduces new deductions, credits, and limitations that impact both individual and business taxpayers.
You’ll examine provisions effective in 2025 and those phased in through 2026 and beyond. Topics include new and updated deductions for standard, senior, overtime, and tip income; enhancements to major individual and family tax credits; and important changes affecting business interest limitations, third-party transaction reporting, casualty losses, energy-related incentives, and ABLE accounts.
By the end of this course, you should be able to:
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Identify key individual and business tax changes introduced by the OBBBA.
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Recognize the new and revised deduction amounts, including standard, senior, overtime, and tip deductions.
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Explain enhancements to major credits such as the Child Tax Credit, Adoption Credit, Dependent Care Credit, Paid Family and Medical Leave Credit, and Low-Income Housing Credit.
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Apply updated rules for third-party network transaction reporting and the business interest deduction limitation.
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Describe modifications to energy-related credits, casualty loss deductions, and Achieving a Better Life Experience (ABLE) accounts.
