One Big Beautiful Bill, Part 2: Advanced Opportunities & Loopholes for Savvy Taxpayers

Host Terrence Hutchins and returning guest David Stevens shift from “what changed” to “how to exploit it.” This follow-on conversation mines the fine print of the “One Big Beautiful Bill,” surfacing planning angles that tipped employees, high-income coastal professionals, and growth-minded business owners can act on right now.

Key takeaways

1. SALT cap relief—finally a workaround Deduct up to $40 k of state & local taxes (phasing out above $500 k AGI) through 2030; pair it with strategic charitable giving to stack deductions.
2. Tip & overtime exclusions First $25 k in combined tips/overtime ($12.5 k single) is off-limits to the IRS for earners under $300 k AGI—only 2025-2028, so document every dollar.
3. New “personal perks” bucket Car-loan interest on U.S.-assembled vehicles (max $10 k), “Trump Accounts” for newborns, and supersized 529 uses for tutoring & therapy up to $20 k—each with sunset dates readers should diary.
4. Charitable & family credits rebooted A resurrected $2 k above-the-line charity deduction, refundable $5 k adoption credit, plus HSA compatibility for bronze plans—great news for gig-economy families.
5. Business-owner bonanza 100 % bonus depreciation on manufacturing/refining buildings (four-year window), immediate R&D expensing, tighter but more lucrative corporate-giving thresholds, and beefed-up Qualified Opportunity Zone and QSBS incentives.
6. Farmer-friendly gain spreading Capital gains from farm sales can be recognized over four years when property stays in long-term agricultural use—easing cash-flow hits and succession plans.

Featured Tax Tip Waiting tables or bartending in 2025? Track tips daily with a simple phone spreadsheet—the first $25 k you record could be 100 % tax-free under the new exclusion.

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