Core Points - The One Big Beautiful Bill Act (OBBBA) signed by President Donald Trump includes several provisions that can positively impact personal finances [1] Group 1: Child Tax Credit - The Child Tax Credit (CTC) allows parents to claim up to $2,200 per child under 17, with up to $1,700 being refundable even if no federal income tax is owed [2] - The credit begins to phase out at a modified adjusted gross income (MAGI) of $200,000 for single filers and $400,000 for married couples filing jointly [3] Group 2: Auto Loan Interest Deduction - For the first time, individuals can deduct up to $10,000 per year in auto loan interest for cars assembled in the U.S., provided the loan is in the individual's name [4] - This benefit is available until 2028, emphasizing the importance of ensuring the vehicle qualifies [5] Group 3: Small Business Benefits - Small business owners can write off 100% of the cost of qualified business property in the year of purchase, applicable to items like computers and office equipment [6] - This deduction is now permanent, providing immediate financial benefits for businesses [6] Group 4: Qualified Business Income Deduction - Business owners may deduct up to 20% of their qualified business income, with full deductions available for incomes under $197,300 for single filers and $394,600 for married couples filing jointly [7] - The deduction phases out for incomes exceeding $247,300 for single filers and $494,600 for joint filers [7]