IRS Announces Significant Changes to Tax Deductions After New Law

Over the next few months, millions of Americans across the country will begin their annual preparations for filing their taxes in April. Ahead of tax season, the Internal Revenue Service (IRS) has unveiled some significant updates to federal tax deduction rules for individuals, families, and businesses that are worth noting.

The latest changes come after the passage of the One, Big, Beautiful Bill Act (OBBB), which was signed into law on July 4, 2025. The new law brings several high-profile...