Big tax changes are coming in 2025 under the One Big Beautiful Bill. In this episode of Elevate Wealth, Deanne Rosso talks with Ben Hall, Director of Tax Services, about what you need to know.

You’ll learn:

✅ 2025 income tax bracket updates

✅ New deductions and credits

✅ How Social Security taxation may be affected

We keep hearing about the new One Big Beautiful Bill act, and with it lots of tax changes that have come with that bill. So today I have with me our newest member of our Elevate team, Ben Hall, our director of tax services. Welcome, Ben. Thanks Deanne. Sure. So Ben, will we see changes to our taxes in 2025 because of theOne Big Beautiful Bill? Yeah. So Deanne, that's a great question. We've heard a lot about the One Big Beautiful Bill, and there will be some changes, but first thing I'd like to point out is there's going to be some things that don't change, and that might be a really good thing. If you remember back in 2017 with the Tax Cuts and Jobs Act, that's where we had provisions that lowered this the tax brackets for a lot of people. It also increased the standard deductions for a lot of people. Okay? Okay. And if you remember back then, we saw a huge shift in people who started taking the standard deduction instead of itemizing their deductions. Those types of provisions were set to expire this year in 2025. And so the new bill is now making those changes permanent. So we'll see a lot of things staying the same, but the new bill also made a lot of changes that we'll see in 2025, as well. Okay. Well, share with us some of those things. Sure. So some of the bigger changes you may have heard about already are things like no taxes on tips, no taxes on overtime. So, if you work in an industry where you get a lot of tip income or work a lot of overtime, you're now going to be able to deduct a lot of that on your tax return. Another one is the child tax credit. Previously, the child tax credit was $2,000 per child. So, people with kids, that's a really big benefit for them. It's now going to be $2,200 per child. So, it's going to help out people with kids a lot more. Definitely. And then maybe one of the biggest ones that everybody's been talking about is no tax on Social Security. Well, it's not quite like it sounds because Social Security is still going to be taxed, but there's now going to be these new deductions in place for seniors who are 65 or older. And so, if you're 65 or older, you can take this deduction up to $6,000 if you're single and $12,000 married filing jointly. So, in effect, what that does is a lot of people who are already claiming Social Security will see a decrease in their taxes related to those deductions. Yeah. And I think that's a misconception that the One Big Beautiful Bill did away with tax on Social Security. But offering now those additional standard deductions for seniors over age 65, that's going to be helpful for people who aren't taking their Social Security yet as well as those who are already taking their social security. That's exactly right. That has been a big misconception, and I just think it's important to remember that Social Security overall is still taxable, but these new deductions definitely help minimize those taxes. Absolutely. So, changes in legislation can often lead to a lot of confusion when it comes to "what's going on with my taxes this year?" But no worries, we are here to help. So, thank you, Ben, for joining me today. And if you have questions about your tax situation or how the One Big Beautiful Bill may impact you, we're here to listen, and we're here to help. Visit us at elevate-wealth.com and click "let's talk." We'll see you to talk more taxes next time.

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