New Tax Laws: What You NEED to Know

Video Description

Big tax changes are here for the 2025 filing season and missing them could cost you money. Stay until the end to see which updates actually help your refund and which ones could catch you off guard. In this video, CPA Noel Lorenzana breaks down the most important 2025 and 2026 US tax law changes in plain English. We cover what stayed the same after the Tax Cuts and Jobs Act, what became permanent, and what’s brand new, including 1099-K reporting rules, higher standard deductions, child tax credit increases, senior deductions, no tax on certain tips and overtime, SALT deduction increases, and new savings options for kids. You’ll also learn how these changes affect employees, retirees, freelancers, side hustlers, and small business owners, plus key planning moves you can still make before filing. If you want to avoid surprises, reduce your tax bill, and understand how the new law actually impacts your situation, this is a must-watch before you file. 💜 Enjoy my work? Support me on Patreon! https://www.patreon.com/noellorenzana 💡 NEW: Grab My Tax Deductions Cheatsheet and Maximize Your Tax Savings! https://www.noellorenzanacpa.com/tax-deductions-cheatsheet 📘 Free Ebook 10 Tips to Simplify Your Taxes: https://www.noellorenzanacpa.com/10-tips-to-simplify-your-taxes 💜 Show Your Support: Fuel Our Channel with a Cup of Coffee! ☕️ https://www.buymeacoffee.com/NoelLorenzana 📖 Transform Your Accounting - Learn Modernization Concepts in My Book Today! https://a.co/d/dFGLUjM 👪 Join My Free Facebook Group and Connect with CPAs and Tax Pros! https://www.facebook.com/groups/951368119040370 Hey there, and welcome to the channel! I’m Noel Lorenzana, a Registered CPA based in Illinois. Our mission here is to empower your financial journey with clear, trustworthy guidance on taxes, business, and alternative financial insights, so you can make confident, informed decisions without all the confusion or fear. Just a quick heads-up: watching this video doesn’t make me your personal accountant, and no client relationship is formed. This content is for informational and educational purposes only and should not be interpreted as accounting, tax, legal, financial, or investment advice. Always do your own research and consult with a qualified professional when making decisions for your unique situation. ★CONNECT WITH ME ON SOCIAL MEDIA ★ Website: https://noellorenzanacpa.com/ Facebook: https://web.facebook.com/noelblorenzana LinkedIn: https://www.linkedin.com/in/noellorenzanacpa/ 🎥 RECOMMENDED VIDEOS 🎥 https://youtu.be/ZwsY5AGxJQE https://youtu.be/y2aBtNH7gu0 https://youtu.be/Zv2lNoYA3ys https://youtu.be/VQ6QodtA2Ng Thanks for watching my video on "Big 2025–2026 Tax Law Changes Explained (No Hype, Just Facts)" Disclaimer: This video, and the ideas presented in it, are for entertainment and informational purposes only and should not be construed as accounting, tax, legal, financial, or investment advice. It is your responsibility to independently verify any information before relying on it or taking action. Always consult with a qualified professional regarding your specific situation. ⏱️VIDEO CHAPTERS⏱️ 00:00 - 2025 Tax Filing Season Overview and What’s Changing 01:12 - The Bill that Changes Your Taxes. 01:23 - Tax Cuts and Jobs Act Explained 02:06 - New Tax Law Signed: The One Big Beautiful Bill 03:07 - What Is NOT Changing in the Tax Code 03:23 - 2025 Standard Deduction Amounts Explained 03:51 - The Current Lower Tax Brackets Explained 04:43 - New Changes For 2025 and Retroactive Updates 05:03 - Child Tax Credit Increase for 2025 05:23 - New Senior Deduction for Age 65 and Older 06:00 - No Tax on Tips and Overtime Income Explained 06:50 - SALT Deduction Increase to $40,000 07:25 - New Trump Accounts Savings Option for Children Explained 08:27 - 1099-K Rules 2026 Explained By CPA 10:31 - Business Tax Changes for 2025 10:51 - Bonus Depreciation Back to 100 Percent 11:14 - R&D Expenses and Section 179 Updates 11:57 - Tax Planning You Can Still Do After Year End 13:59 - Final Thoughts: Should You DIY Your Taxes or Hire a Pro 14:50 - Download FREE Tax Deductions Cheatsheet Replay Video Link: https://youtu.be/U9hz98eSfLw #taxchanges #irsupdates #taxseason #taxfiling #taxlawchanges