Plus: A famous soccer coach is sentenced to prison for tax fraud, filing an amended tax return, smoking rates and sin taxes, filing deadlines, tax trivia, and more.

Some of the measures are effective immediately, while others don’t kick in for several years – notably, after the 2026 midterm elections.

Trump's tax and spending law will impact education savings, gambling losses and tips. Here's a breakdown of the highlights.

A provision in the One Big Beautiful Bill Act, recently signed into law by President Trump, will create the country’s first federal tax credit for donations to private schools. It aims to give families more choice in their child’s education,

President Donald Trump ’s ‘big beautiful bill’ delivers a temporary higher limit on the federal deduction for state and local taxes, known as SALT. But the phaseout, or income-based benefit reduction, could trigger a tax surprise for some higher earners, experts say.

President Donald Trump's tax bill, signed into law July 4, reduces how much in losses a gambler can deduct. Here's how the changes will work.

The One Big Beautiful Bill Act is temporarily quadrupling the state and local tax deduction to at least $40,000, up from $10,000, for the next five years. Now it’s up to taxpayers to see if they can take advantage of this extra write-off, which is popularly referred to as the SALT deduction.

You now have less than six months to claim a tax break for a heat pump, solar panels, and other expenses to make your abode greener.

Trump's new tax law, known as the "One, Big, Beautiful Bill," brings significant changes for Americans, especially older adults. While it offers tax breaks that could save retirees thousands, it also poses long-term challenges for the Social Security program.