The One Big Beautiful Bill cements TCJA tax cuts, expands child credit, adds senior and auto loan deductions, and raises SALT cap—some provisions expire after 2028 ...

CNBC Select explains the difference between taking the standard deduction or itemizing your deductions, and which makes sense for your situation.

Both bills also reduce itemized deductions for certain taxpayers in the 37% income tax bracket, which could lower the benefit of the higher SALT cap. This reduction is bigger in the House bill.

Senate Republicans’ tax bill raises the “SALT” deduction cap to $40,000. Here’s who could benefit from the change.

Trump's legislation also reduces itemized deductions for certain taxpayers in the top, 37%, income tax bracket, which lowers the benefit of the bigger SALT cap for the highest earners.

The reduction of itemized deductions for certain taxpayers in the 37% income tax, seen in the Senate version of the bill, could lower the benefit of a higher SALT cap. How do the changes affect you?

Nearly 37% of tipped workers paid no income tax in 2022, Yale’s Budget Lab reported. In contrast, wealthier households stand to gain more due to higher tax brackets and itemized deductions.

You generally can’t deduct your Medicare premiums pretax, but you can include them in your yearly itemized deductions.