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đ¨ Big changes could be coming to your tax bill! đ¨
Its time to break down Donald Trumpâs newly proposed 2025 tax billâwhat could become one of the largest tax cuts in U.S. history!
Here are 3 key takeaways you donât want to miss:
đš No Tax on Tips & Overtime Pay: If passed, tips (up to $150k) and all overtime pay could be tax-freeâmajor news for gig workers, hospitality, and those clocking in extra hours.
đš Huge Boosts to HSAs and Child Tax Credits: HSA contribution limits may double, and the child tax credit could rise to $2,500 per child. More deductions and credits = more money back in your pocket.
đš Business Owners: Big Deductions Ahead: The return of 100% bonus depreciation (retroactive!) and a higher QBI deduction (23%) would put tens of thousands of dollars back into entrepreneursâ hands.
Thereâs even moreâlike a car loan interest deduction for U.S.-made vehiclesâbut some campaign promises didnât make it into the bill (like eliminating taxes on Social Security and lowering corporate rates).
Curious how these proposals could impact you or your business? Listen to the episode for the full breakdown!
#TaxReform #2025TaxBill #Entrepreneurship #PersonalFinance #BusinessTax #TrumpTaxPlan #CofieldCPA
By Melanin Money Media4.9
181181 ratings
đ¨ Big changes could be coming to your tax bill! đ¨
Its time to break down Donald Trumpâs newly proposed 2025 tax billâwhat could become one of the largest tax cuts in U.S. history!
Here are 3 key takeaways you donât want to miss:
đš No Tax on Tips & Overtime Pay: If passed, tips (up to $150k) and all overtime pay could be tax-freeâmajor news for gig workers, hospitality, and those clocking in extra hours.
đš Huge Boosts to HSAs and Child Tax Credits: HSA contribution limits may double, and the child tax credit could rise to $2,500 per child. More deductions and credits = more money back in your pocket.
đš Business Owners: Big Deductions Ahead: The return of 100% bonus depreciation (retroactive!) and a higher QBI deduction (23%) would put tens of thousands of dollars back into entrepreneursâ hands.
Thereâs even moreâlike a car loan interest deduction for U.S.-made vehiclesâbut some campaign promises didnât make it into the bill (like eliminating taxes on Social Security and lowering corporate rates).
Curious how these proposals could impact you or your business? Listen to the episode for the full breakdown!
#TaxReform #2025TaxBill #Entrepreneurship #PersonalFinance #BusinessTax #TrumpTaxPlan #CofieldCPA

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