Core Insights - The "One Big, Beautiful Bill" introduces new tax breaks and updates existing ones, leading to lower tax bills or higher refunds for certain taxpayers in 2025 [1][6][10] - Taxpayers may want to adjust their withholding amounts to reflect these changes, potentially increasing their take-home pay for the remainder of 2025 [3][5] Tax Changes Overview - The new tax law allows for an increased standard deduction and a higher child tax credit, which will benefit many taxpayers [10] - The maximum child tax credit has been raised by $200 to a total of $2,200 for each eligible child [10] - The state and local tax (SALT) deduction has also increased for higher-income taxpayers and those in high-tax states [10] Withholding Adjustments - The IRS has not yet updated the 2025 withholding tables to reflect the new tax changes, complicating the process for taxpayers to determine their withholding amounts [4] - Taxpayers are encouraged to use IRS tools to estimate their withholding adjustments, although some tools may not yet account for all changes [7][8] - Consulting a tax professional is recommended for those expecting to benefit from the new tax breaks [8]