Trump's tax and spending law will impact education savings, gambling losses and tips. Here's a breakdown of the highlights.

The One Big Beautiful Bill Act is temporarily quadrupling the state and local tax deduction to at least $40,000, up from $10,000, for the next five years. Now it’s up to taxpayers to see if they can take advantage of this extra write-off, which is popularly referred to as the SALT deduction.

Many filers won’t be able to take full advantage of expanded deductions in the recently passed tax law.

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An above-the-line deduction for charitable giving is expected to generate an estimated $74 billion for nonprofits over a decade.

Grinnell College would have been the only Iowa school affected by a tax increase on colleges with large endowments in President Donald Trump's budget.

Congressional Republicans are looking to take a second bite of the apple with a ‘big, beautiful bill’ 2.0 in the fall, but fiscal hawks are skeptical that a second bill would provide the steep cuts they are looking for.

Under the bill, the SALT cap temporarily increases to $40,000 per year, so long as your annual income does not exceed $500,000.