Big tax law changes always bring big rumors. But before you assume Social Security is now tax-free or that you’re getting a $40K deduction just for breathing, let’s set the record straight on what this new bill didn’t actually do. This episode, David breaks down 6 of the most common myths floating around about the new “One Big Beautiful Bill Act.”

Here are the myths we discuss in today’s show:

Myth #1: “Social Security is no longer taxed.”

Myth #2: “This new law means tax cuts for everybody.”

Myth #3: “The tax brackets are permanent now, so I don’t need to worry.”

Myth #4: “A $15M estate tax exemption means estate planning doesn’t matter anymore.”

Myth #5: “Car loan interest is now fully deductible.”

Myth #6: “I can skip itemizing and still get a huge deduction for giving to charity.”

For additional resources or to contact David, visit us online at http://coveryourassetskc.com or call 913-317-1414.