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95: The Big Beautiful Bill: Proposed Tax Changes That Might Affect You
In this episode of the Dental Boardroom Podcast, Wes Read, CPA and CFP, breaks down the key elements of the newly passed House tax bill—H.R.1, also called the “One Big, Beautiful Bill Act.” While it still faces an uncertain path in the Senate, this bill aims to permanently extend many provisions of the 2017 Trump Tax Cuts and Jobs Act. Wes walks dentists through what matters most, including the preservation of lower income tax rates, an increased standard deduction, and the continuation of the SALT deduction cap and mortgage interest limits—provisions that have significant implications, especially for practice owners in high-tax states.
He also explains temporary tax exemptions for overtime and tip income, a proposed auto loan interest deduction, and how these changes could affect employee expectations and HR management. Whether you’re a practice owner, associate, or independent contractor, Wes shares insights to help you prepare for what’s coming and highlights why staying proactive on tax strategy is more critical than ever.
Key Takeaways:- Overview of the "One Big, Beautiful Bill Act (H.R.1)", passed narrowly by the House on May 22, 2025.
- Focus on the tax policy provisions most relevant to dentists, associates, and independent contractors.
- Breakdown of the permanent extension of the 2017 Tax Cuts and Jobs Act, including lower tax rates, standard deduction changes, and SALT deduction caps.m
- Wes explains how blue-state dentists may continue to feel the pinch from SALT and mortgage interest deduction limits.
- Commentary on temporary tax exemptions for tips and overtime pay — and how it may lead to HR challenges and enforcement complexity.
- Discussion on a proposed auto loan interest deduction and increased standard deduction amounts.
- Practical insights for dental professionals on how these tax changes could impact your bottom line.
- Caution on the uncertainty of final Senate approval — changes are likely.
#DentalBoardroomPodcast #DentalCPA #TaxBill2025 #TrumpTaxPlan #DentalFinance #PracticeCFO #HRTaxTips #WesReadCPA #DentalPracticeOwners #DentistMoneyMatters #SALTdeduction #TaxStrategy
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By PracticeCFO
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In this episode of the Dental Boardroom Podcast, Wes Read, CPA and CFP, breaks down the key elements of the newly passed House tax bill—H.R.1, also called the “One Big, Beautiful Bill Act.” While it still faces an uncertain path in the Senate, this bill aims to permanently extend many provisions of the 2017 Trump Tax Cuts and Jobs Act. Wes walks dentists through what matters most, including the preservation of lower income tax rates, an increased standard deduction, and the continuation of the SALT deduction cap and mortgage interest limits—provisions that have significant implications, especially for practice owners in high-tax states.
He also explains temporary tax exemptions for overtime and tip income, a proposed auto loan interest deduction, and how these changes could affect employee expectations and HR management. Whether you’re a practice owner, associate, or independent contractor, Wes shares insights to help you prepare for what’s coming and highlights why staying proactive on tax strategy is more critical than ever.
Key Takeaways:- Overview of the "One Big, Beautiful Bill Act (H.R.1)", passed narrowly by the House on May 22, 2025.
- Focus on the tax policy provisions most relevant to dentists, associates, and independent contractors.
- Breakdown of the permanent extension of the 2017 Tax Cuts and Jobs Act, including lower tax rates, standard deduction changes, and SALT deduction caps.m
- Wes explains how blue-state dentists may continue to feel the pinch from SALT and mortgage interest deduction limits.
- Commentary on temporary tax exemptions for tips and overtime pay — and how it may lead to HR challenges and enforcement complexity.
- Discussion on a proposed auto loan interest deduction and increased standard deduction amounts.
- Practical insights for dental professionals on how these tax changes could impact your bottom line.
- Caution on the uncertainty of final Senate approval — changes are likely.
#DentalBoardroomPodcast #DentalCPA #TaxBill2025 #TrumpTaxPlan #DentalFinance #PracticeCFO #HRTaxTips #WesReadCPA #DentalPracticeOwners #DentistMoneyMatters #SALTdeduction #TaxStrategy