Tax legislation can be overwhelming, especially when it spans 870 pages of dense policy changes. Our latest deep dive untangles the recently passed "Big Beautiful Bill" (BBB) to spotlight the provisions most likely to impact your financial future.

The BBB primarily extends many provisions from the 2017 Tax Cuts and Jobs Act that were scheduled to sunset at the end of 2025. Most notably, the current tax rates have been made permanent, eliminating a significant source of uncertainty for long-term financial planning. But beyond these extensions, several transformative changes and new provisions deserve your attention.

Perhaps most impactful for residents of high-tax states is the quadrupling of the SALT (State and Local Tax) deduction cap from $10,000 to $40,000. This change alone could save qualifying taxpayers thousands in federal taxes and is retroactive to 2025, creating immediate planning opportunities. For families, the Child Tax Credit increases to $2,200 per child, while Americans 65 and older could see some benefits as well.

Some of the most innovative provisions target specific income types: tipped employees can exclude up to $25,000 of their tips from taxation, while all workers can exclude up to $12,500 of overtime wages. Car buyers financing American-assembled vehicles can deduct up to $10,000 in annual loan interest. Looking further ahead, the "Trump accounts" program will provide government-funded investment accounts for children born between 2025-2028.

Whether you're planning your 2025 tax strategy or looking at long-term estate planning with the new $15 million per person exemption, understanding these changes is crucial. Connect with us to explore how these provisions might create new financial opportunities for you and your family.

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