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"You may have heard or read about significant changes to federal tax law resulting from the enactment of the One Big Beautiful Bill Act signed into law in 2025. This sweeping legislation makes permanent and enhances many provisions originally enacted under the Tax Cuts and Jobs Act, introduces new deductions and credits, and repeals or restricts several recent tax incentives. I'm Kelly with Beckla Associates and I'm here to summarize some of the most important provisions that may affect you, your family, or your business effective for tax years beginning after December 31 ST 2024, unless otherwise noted, one of these regards education and family incentives. This includes the following 500 and 29 accounts, qualified expenses are expanded to include more K through 12 expenses, including curriculum, tutoring, testing, or therapies, and the annual limit is increased to 20 thousand dollars. Adoption credit. Up to 5 thousand dollars of the adoption credit is now refundable with inflation adjustments. Dependent care Assistance. The exclusion limit is increased to 7500 dollars or 3700 and 50 dollars for Mary filing. Separately, we recommend reviewing your current tax situation and planning strategies in light of these changes, many of the new provisions are effective for the 2025 tax year, but some have immediate or phased in effective dates. These are just a few of the changes resulting from the enactment of the One Big Beautiful Bill Act. Check out our youtube channel for more videos about OBBBA provisions. Please contact us to discuss how these changes may affect your individual or business tax planning. "

"You may have heard or read about significant changes to federal tax law resulting from the enactment of the One Big Beautiful Bill Act signed into law in 2025…