In this comprehensive episode, Adam is joined by Tad Pospisil of Ironhorse CPA and Advisors to discuss the recently signed tax bill, often referred to as the 'one big, beautiful bill,' and its impactful changes. They cover a wide range of topics including deductions for tip income and overtime, new opportunities for charitable giving, farm sales, and critical strategies that retirees and business owners need to know.
Tad, a seasoned CPA with extensive experience in agriculture tax planning and small business strategies, elaborates on bonus depreciation, section 179 expenses, senior deductions, the SALT deduction cap increases, and other significant tax savings opportunities. They also dive into specialized topics such as the MAGA Trump accounts for children's future savings, the extension of the QBI deduction, and expiring clean energy credits.
This episode is packed with valuable insights aimed at ensuring taxpayers make the most out of the new bill.
00:00 Introduction and Special Guest Introduction
00:59 Overview of the New Tax Bill
02:22 Tips and Overtime Income Deductions
08:03 SALT Deduction Cap Increase
11:18 Senior Deduction Bonus
14:57 MAGA Trump Accounts and Child Tax Credit
19:08 Benefits for Businesses
20:09 Increased Section 179 Deduction
20:39 Estate Tax Limits Update
21:37 R&D Credit Expansion
23:35 Farmland Tax Provisions
26:10 Qualified Business Income Deduction
27:25 Charitable Deductions for Non-Itemizers
30:01 Car Loan Interest and Clean Energy Credits
33:09 Real-World Tax Scenarios
35:17 Final Thoughts and Key Takeaways
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