In this episode of Financially Fluent, Ray Godleski and CPA Kevin Merck discuss the recent tax law changes under OBBBA, exploring its implications for individuals and small businesses. They delve into who benefits from the new provisions, the impact of charitable contributions, and the importance of tax planning. The conversation also covers strategies for small business owners, the transition from sole proprietorship to S-Corp, and underrated tax-saving tools. Listeners are encouraged to stay proactive in their tax planning and to seek professional advice.

Takeaways

• OBBBA is the most significant tax overhaul since 2017.
• Families with small children will benefit the most from the new tax law.
• The new law allows for a hundred percent deduction for fixed assets.
• Charitable contributions now have new limitations and floors.
• The auto interest deduction will start in 2025 and is above the line.
• Maximizing retirement contributions is crucial for tax savings.
• Keeping track of home office expenses can lead to significant deductions.
• The Georgia 529 plan offers a 100% state tax deduction for contributions.
• It's important to plan taxes early and not wait until the last minute.
• Small business owners should consider transitioning to an S-Corp for tax benefits.

Titles

• Navigating the OBBBA Tax Overhaul
• Tax Benefits for Families and Small Businesses

Sound Bites

• "Charitable contributions have new limitations."
• "The auto interest deduction starts in 2025."
• "Get ahead of major financial decisions early."