Inspire Wealth with Prof M: Understanding the New Tax Code Bill

Описание: We are back! With this new episode, Prof. M. discusses the latest U.S. tax code bill passed on July 4th, focusing on its implications for investors, families, and workers. She breaks down topics such as the return of bonus depreciation, changes in tax deductions for families, and new benefits for children. Also covered in this solo cast is the impact on clean energy tax credits and estate planning for high-net-worth individuals, emphasizing the importance of strategic tax planning throughout the year.

EPISODE HIGHLIGHTS:
Bonus Depreciation is Back!: Bonus depreciation is restored at 100% under the new bill. This is a significant cash flow benefit since it allows business owners and real estate investors to once again deduct all eligible expenses up front in the year of improvement or purchase.

QBI Deduction Permanently Extended: Certain investors and business owners are able to deduct 20% of their qualified income before taxes under the Qualified Business Income (QBI) deduction. This pertains to revenue obtained by rental properties, flipping houses, and property management businesses.

SALT Deduction Cap Increase: The $10,000 cap on the deduction of State and Local Taxes (SALT) has been raised to $40,000.

Benefits for Workers, Families, and Education:
1. $25,000 in tip income is now tax-free.
2. $12,500 in overtime income (or $25,000 for joint filers) is also tax-free.
3. The child tax credit increased from $2,000 to $2,200 per child.
4. $1,000 newborn bonus for babies born in 2025
5. Up to $10,000 in interest is deductible on cars bought in 2025.
6. New above-the-line charitable deductions. ($1,000 for single filers and $2,000 for joint filers)
7. Expanded use for 529 education savings plans.

Key Trade-Offs in the New Tax Code
1. Clean energy tax credit reductions.
2. Tighter Medicaid/SNAP eligibility.
3. The tax code overhaul is expected to increase the federal budget deficit by $2.8T over the next 10 years.
4. The estate/gift exemption jumps to $15M (2026).

Tax Prep Game Plan
1. Schedule a tax strategy review with a CPA.
2. Track tips and overtime earnings separately.
3. Time major purchases.
4. Plan charitable gifts and 529 contributions.
5. Update wills and trusts in light of estate law changes.

Download the 2025 Tax Strategy Checklist here: https://www.inspirewealthmgt.com/for-...

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Mallory Meehan
Website: https://www.inspirewealthmgt.com/
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