In today's episode of The Truly Diversified Show, Ben is joined by CPA and financial advisor Jim Yostrum for a timely discussion about major tax legislation that has recently taken effect. 

While politics often frame such bills as either the “best” or “worst” law ever, the discussion strips away the rhetoric to focus strictly on what the changes mean for individuals, families, and business owners. The goal is to provide clarity on how the new rules can impact your financial life, regardless of political leanings.

You'll learn about several key provisions in the bill that affect taxpayers directly. Among the most notable are the permanent extension of certain 2017 tax cuts, including lower tax brackets and the 20% deduction for pass-through businesses such as S corporations, LLCs, and sole proprietorships. 

Additional measures, such as partial tax exemptions on overtime pay, certain tips, and Social Security income, are explained in plain language, helping you understand both the benefits and limitations of each. These insights clarify common misconceptions while also pointing out where the bill provides real advantages.

Want to know which new deductions could save you thousands this year? Tune in to find out what most people are overlooking.

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Enjoy!

Key takeaways:

• The confusion surrounding the recent tax bill concerning alternative investments, particularly the conflicting information from different political perspectives.

• How the bill codifies the 2017 Trump Tax Act, making many provisions permanent, including the 20% automatic write-off for S corporations, LLCs, and Schedule C reporting entities.

• The misconception that overtime pay is entirely tax-free, when in reality only the overtime premium is tax-free.

• The bill's significant benefit for Social Security recipients over 65, with married couples receiving an additional $12,000 standard deduction.

• The benefits of having the choice to reinvest in one's own business or explore alternative investment opportunities.

• And much more...

Guest Bio:

James Yostrum, CPA, CMA, CGMA, MBA, is the President of MZ Business Services LLC and brings over 40 years of experience in financial, operational, purchasing, and human resources leadership across diverse industries, including manufacturing, service, and wholesale. He has played key roles in numerous successful operational and financial turnarounds. James holds an MBA and is a Certified Public Accountant, Certified Management Accountant, Chartered Global Management Accountant, and Certified QuickBooks Pro Advisor. In addition to leading MZ Business Services, he operates two thriving businesses—one focused on financial and operational consulting, and the other on real estate development—demonstrating a strong track record of strategic insight and entrepreneurial success.

Resources:

Life Asset, LLC

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