Understanding Individual Tax Changes Under OBBBA

1 AFSP, EA, CFP®, CPA, CRTP

Track:

Early career, Update

New tax rules from the One Big Beautiful Bill Act (OBBBA) bring big changes to individual returns in 2025. This session explains how the latest below-the-line deductions for tips, overtime and educator expenses, along with a larger standard deduction, a temporary senior deduction and a revised SALT cap, affect taxable income on Form 1040. We’ll also walk through updated timing rules for health savings account eligibility and clean-vehicle credits. With practical examples and a handy multi-year OBBBA timeline, you’ll leave ready to apply the changes in your planning conversations.

Objectives

Upon completion of this session, you will be able to:

● Apply new 2025 deductions correctly as we identify eligibility, caps and phase-outs

● Use the larger 2025 standard deduction, analyze taxable income and touch on the increased SALT

cap’s influence on taxability of Social Security benefits

● Navigate and apply the $40,000 SALT cap, the high-income haircut and the $10,000 floor

● Catch “year-of-purchase” credit and loss rules for clean-vehicle credits and net disaster loss deduction

● Promote HSA expansion and eligibility for pre-deductible telehealth and other remote services

CPE information

Duration: 50 minutes

Course level: Update

Prerequisite: Basic knowledge of individual income taxation

Advanced preparation: None

Delivery method: Group Internet-Based

	CPE credits	Designation	Field of study
IRS	1	AFSP	Federal Tax Law Update
IRS	1	EA	Federal Tax Law Update
NASBA	1	CPA	Taxes
CTEC	1	CRTP	Federal Tax Law Update
CFP Board	1	CFP®	n/a

Instructor(s)

Shannon Hall, EA