What’s New in the One Big Beautiful Bill: What You Need to Know
The One Big Beautiful Bill, a tax reform passed in 2025, brings significant changes that impact both your health insurance and your tax obligations. Understanding these changes is key to maintaining your benefits and avoiding issues with the IRS.
Key Points of the One Big Beautiful Bill: Taxes
Taxes: Lower rates and a higher standard deduction are maintained, which can help you pay less. In addition, there is now a special deduction for those who receive tips and an increase in the deduction for state and local taxes.
Health Insurance: If you use Medicaid or receive subsidies from the Health Insurance Marketplace, you will have to meet additional income and reporting requirements. It is key to file taxes every year to maintain the Premium Tax Credit (PTC).
Families: Special savings accounts are created for children born between 2025 and 2028, with tax benefits for your future.
What does this mean for you?
• File taxes every year, even if your income is low, to maintain your insurance benefits.
• Estimate your income before renewing coverage to ensure you receive your subsidies.
• Keep your Marketplace forms (1095-A) and other related documents.
At TaxPlus we help you understand the One Big Beautiful Bill tax changes, meet your tax obligations, and maintain the health coverage your family needs.
