In this episode, I dive into the provisions of the One Big Beautiful Bill Act (OBBBA) passed on July 4, 2025 and how it is likely to impact your tax bill this year and for the years to come.
Key Timestamps:
00:00-Introduction to the One Big Beautiful Bill Act
01:22- Understanding the Tax Rate Extensions and Standard Deductions
02:43- Charitable Giving and Itemized Deductions
04:53- State and Local Tax (SALT) Deduction Changes
06:45- Child Tax Credit and Senior Deduction
08:55- Tax Exemptions on Tips, Overtime, and Business Provisions
11:16- Estate and Lifetime Gift Tax Exemptions
12:55- Vehicle-Related Tax Provisions1
5:40- Education and Trump Accounts
17:31- Actionable Takeaways and Conclusion
More of Baskin Financial Planning:
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Questions or comments, drop me a note at: erik@baskinfp.com