According to the nonpartisan Tax Foundation, "refunds will be larger than typical in the upcoming filing season because of the One Big Beautiful Bill Act’s (OBBBA) tax cuts for 2025." New increases and deductionsChild tax credit increaseAccording to the IRS, the Child Tax Credit has increased from $2,000 per qualifying child to $2,200 for tax year 2025. Standard deduction increasesThe standard deduction for single taxpayers increased to $15,750 for tax year 2025. Adoption credit, senior increases and moreAs part of the act, the adoption credit increased, along with an estate tax exclusion, the IRS said. Under the bill, two key tax credits that were championed by the Biden administration expired late last year: the electric vehicle credit ,and a home energy efficiency credit.