Hello & happy Summer!
Last month, Congress passed a huge tax & spend bill. There are so many tax related topics, I can't go through those in a short blog. But here's a few topics + links to information you may want to look at before tax season (or before Dec31)...
* extends, modifies, or makes permanent - earlier tax laws
* No tax on tips (see limits)
* No tax on overtime (see limits)
* increased deductions for seniors
* a new deduction for gifts to charities (see limits)
* increase in child tax credit
* student loan changes
* increased estate tax exemption
* lower corporate tax rate
* changes to health savings accounts (HSA)
* Changes in bonus depreciation and expensing
* There is still tax on social security
* Increases the SALT (state tax) deduction level
* There is some auto interest deductible (only if made in usa)
* Trump accounts for newborns ($1k)
* some changes to medicaid and snap food benefits
* reductions or elimination of marketplace insurance credits
* elimination of many energy tax credits, solar & EV credit ending soon
* A projected increase in national debt (per Congressional Budget Office)
See Limits - the above are merely ruff "topics" - there are limits in the law. fyi
Here's some associated links. Click on them or just google the topic
One Big Beautiful Bill Act - Wikipedia
Trump’s One Big Beautiful Bill Summary: Key Tax Changes and Why It’s Controversial | Kiplinger
There are many more tax topics, details, and limitations in the Bill, signed by Congress. If you have questions about this or anything (income taxwise!), please just email me. I look forward to helping my current tax clients this year & in the future! Garland
Garland Taylor CPA, Pres. GARLAND R TAYLOR CPA, P.C.
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