Editorial team of TFX
Articles
Tax provisions in the One Big Beautiful Bill Act: What's permanent vs temporary
The "One Big Beautiful Bill Act" extends and modifies numerous provisions from the 2017 Tax Cuts and Jobs Act while introducing entirely new deductions and benefits. Understanding which changes are permanent versus temporary is crucial. The ...
How MAGI, SSDI, SSI, and Foreign Income impact your Senior Bonus Deduction
The brand-new Senior Bonus Deduction gives Americans aged 65+ an extra tax break starting with 2025 returns. Yet the full benefit disappears quickly if your modified adjusted gross income (MAGI) climbs above the phase-out range. Below, you’ll see how Social Security retirement and disability payments (SSDI), Supplemental Security ...
IRS provides tax relief to Texas flood victims: what you need to know
In the wake of the devastating flooding in Texas, the IRS has stepped in to provide tax relief to those impacted by the catastrophe. The severe flooding, which began around the July 4th holiday and affected several counties, has caused widespread destruction. In response, the ...
Key estate and gift tax changes under the "One Big Beautiful Bill Act"
The "One Big Beautiful Bill Act" (OBBBA), signed into law by President Trump on July 4, 2025, makes significant changes to US estate and gift tax laws, especially for high-net-worth individuals. These changes are designed to provide more fle...
Major senior bonus tax deduction changes: A new benefit for older US citizens
The recently passed One Big Beautiful Bill Act, signed into law by President Trump on July 4, 2025, introduces several new tax breaks for seniors. One of the most notable changes is the senior bonus, which provides significant tax rel...
Major gambling tax changes in the One Big Beautiful Bill Act: What US citizens, expats, and non-residents need to know
On July 4, 2025, President Trump signed into law the One Big Beautiful Bill Act, a sweeping piece of legislation with far-reaching tax implications. Hidden within the larger bill is a dramatic shift in how gambling losses are treated for tax purposes ...