The “One Big Beautiful Bill Act,” signed into law on July 4, 2025, reshapes the landscape of federal clean energy incentives. Time is running out to claim tax credits before they vanish—or face stricter new rules.

As part of the One Big Beautiful Bill Act passed in July 2025, taxpayers aged 65 or older can now claim a bonus deduction of up to $6,000 for individuals or $12,000 for married couples where both spouses qualify. This deduction applies whether you itemize or use the standard deduction.

Gambling can be an exciting pastime but beware of the tax implications that go with it. A new law, effective January 1, 2026, is changing the way gambling losses are deducted, which could lead to unexpected tax bills for many players.