Key Points The "big, beautiful bill" provides a deduction, but doesn't eliminate the federal tax on Social Security.The amount you owe in federal taxes on Social Security depends on income.State taxes still apply to Social Security regardless of the federal tax rules.

KEY TAKEAWAYS The 'One Big, Beautiful Bill' introduced several new tax deductions, some of which will apply to the money you're making this year.Under the new law, taxpayers can deduct most of what they earn in tips and overtime,