Financial Clarity for Doctors: Charitable Giving and Tax Updates with OBBB

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Charitable Giving and Tax Updates with OBBB

This episode of Financial Clarity for Doctors delves into some updates to charitable giving under the new One Big Beautiful Bill as well as some other items in the bill that may affect listeners. Hosts Corey Janoff and Rachelle Vanderzanden walk through some highlights. Keep in mind that federal policy evolves as the executive branch and Congress evolve. This is the tax structure for now, but not forever.

Changes under the One Big Beautiful Bill Act include:
• Non-itemizers may deduct charitable gifts of up to $1,000 per person, $2,000 per couple.
• Itemized deductions will be limited to gifts exceeding 0.5% of Adjusted Gross Income (AGI).
o Grouping gifts into a single tax year may still be beneficial for many people.
• Tax brackets, higher standard deductions, and high estate tax exemptions have been made “permanent”.
• Student loans from the federal government will be limited for new borrowers.
• Student loan payment plans will be limited to two options for new borrowers: a standard repayment plan and the income-driven RAP plan.
o The new RAP plan will be 10% of AGI (not discretionary income).
• Existing borrowers may need to switch payment plans if they are on SAVE or PAYE before July 2028, but still have more options than new borrowers.
• Most tax credits geared toward energy efficiency are being phased out.
• Introduction of “Trump” accounts with a $1,000 federal government deposit for kids born from 2025 to 2028.
• Increased requirements for Medicaid reimbursements may affect many providers.

This bill was huge! You can listen to the full episode to hear more, but if there is a specific item you think may affect you, do some additional research. Pay special attention to the energy tax credit phase out if you were planning to do some of this in your home/life, student loans for your kids and your loans if you still have them, and how Medicaid reimbursements may affect you as a provider. Listen to the full episode to learn more!

For more financial planning tips from Corey and Rachelle, you can reach out to them at [email protected]. They would love to hear your questions and ideas for upcoming episodes.

Discussions in this show should not be construed as specific recommendations or investment advice. Always consult with your investment professional before making important investment decisions. Securities offered through Registered Representatives of Cambridge Investment Research, Inc., a broker-dealer, member FINRA/SIPC. Advisory services offered through Cambridge Investment Research Advisors, Inc., a Registered Investment Adviser. Finity Group, LLC and Cambridge are not affiliated. Cambridge does not offer tax or legal advice.