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The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, made many of the 2017 tax cuts permanent — but it also introduced several new deductions and income rules that could change your take-home pay and your tax return.

While much of the coverage has focused on politics, what matters most is how the law affects everyday taxpayers. Here are seven key changes to understand.

1. A new deduction for tip income — but it's not 'tax-free tips'

This is a super important point.

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