EP07 - Are You Ready for the 2025 Tax Overhaul? Learn How to Optimize Your Finances Now

In the premiere episode of Let's Get Fiscal, hosts Anastasia and Myiesha from Coterie Tax explain the significant tax changes in Washington's latest bill, the Big Beautiful Bill Act of 2025. They dive into crucial updates such as the return of 100% bonus depreciation, enhancements to state and local income tax deductions, and the continuation of the Qualified Business Income deduction. The hosts also discuss the expiration of the electric vehicle tax credit and the complexities around pass-through entity tax. Learn how these changes impact small business owners and the strategies to maximize benefits for a thriving creative business.

00:00 Introduction to Creative Business Taxes

00:43 Overview of the 2025 Tax Bill

01:45 Key Changes in Tax Provisions

03:28 Bonus Depreciation Explained

07:32 State and Local Tax Deductions

09:03 Pass-Through Entity Tax

15:06 Navigating Business Ownership and Tax Caps

15:34 Understanding the Qualified Business Income Deduction

18:21 Implications of the Electric Vehicle Tax Credit Expiration

21:05 Strategic Tax Planning for Business Owners

25:43 The Importance of Consulting a Tax Professional

27:35 Final Thoughts and How to Get More Information

🔗 Helpful Links & Resources

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