Episode 26 – “Decoding the ‘One Big Beautiful Bill’: How the New Tax Law Impacts Families & Businesses (Part 1)”

In this webinar-style episode, host Terrence Hutchins teams up with tax partner David Stevens to unpack the sweeping “One Big Beautiful Bill.” If you’re an individual taxpayer, parent, real-estate investor, or small-business owner wondering what stays, what changes, and where new savings may hide, this conversation is for you.

Key Takeaways

1. 2018 rate brackets made permanent – the top rate holds at 37 %, averting a scheduled jump back to 39.6 % and sparing most filers an automatic tax hike
2. Higher, inflation-indexed child tax credit – boosted from $2,000 to $2,200 per qualifying child and set to rise with the CPI
3. Standard deduction locked in – roughly the first $31,500 of married-filing-joint income remains tax-free, keeping itemizing optional for ~70 % of households
4. Estate & gift exemption climbs to $15 million per person, giving high-net-worth families fresh breathing room for legacy planning
5. Business-friendly perks – 100 % bonus depreciation and an expanded $2.5 million §179 expensing limit become permanent, super-charging upfront deductions on equipment and cost-seg studies
6. Paperwork relief – 1099-MISC/K reporting kicks in at $2,000 (up from $600), reducing the form flood for contractors and platforms

Featured Tax Tip

Considering a major equipment purchase or a cost-segregation study? Lock it in while 100 % bonus depreciation and the beefed-up §179 limits are available—front-loading those deductions can offset other active or passive income this year.

Subscribe to How to Lower Your Tax Bill on Spotify or Apple Podcasts and, as always, Keep More of What You Earn.