All About the One Big Beautiful Bill Act with Tax Wizard Kelly Bender (Episode 26)

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Wealth on the Move

Will Hoffman

59 episodes

3 days ago

Wealth on the Move with Will Hoffman of Hoffman Wealth Management, the podcast where we explore smart financial strategies for busy families and active retirees. We'll dive into the tips, tools, and techniques you need to keep your wealth moving forward with your life. Whether you're managing your family’s finances or planning for a well-deserved retirement, we're here to help you stay ahead of the curve. So, let's get started—because your financial journey doesn't stand still, and neither should your wealth. Welcome to Wealth on the Move!

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Investing

Business,

Entrepreneurship

All About the One Big Beautiful Bill Act with Tax Wizard Kelly Bender (Episode 26)

Wealth on the Move

54 minutes 34 seconds

2 months ago

All About the One Big Beautiful Bill Act with Tax Wizard Kelly Bender (Episode 26)

Summary: In this episode of Wealth on the Move, host Will Hoffman and tax expert Kelly Bender dive deep into the implications of the new OB3 tax law and what it means for both business owners and individual taxpayers. They explore the importance of understanding business entity structures, the impact of payroll tax updates, and the necessity of long-term tax strategies. Key topics include changes to income tax brackets, retirement account contributions, child tax credits, and state and local tax (SALT) deductions. They discuss the permanence of the Qualified Business Income (QBI) deduction, updates to depreciation rules, and investment incentives such as Qualified Opportunity Zones and qualified small business stock. Kelly shares insights from her upcoming book aimed at helping new entrepreneurs navigate the complexities of starting a business, while also addressing common tax myths and the importance of proactive planning for future generations. Throughout the conversation, they emphasize how OB3’s changes require individuals and businesses to adapt to an evolving tax landscape in order to maximize benefits and maintain compliance.
Resources:

* DKTBS Website
* eLab Website (A Starter Guide for Entrepreneurs)
* Invite Kelly to Speak
* PRE-ORDER Kelly’s Book

Takeaways:

* Many small business owners don’t fully understand their entity structure.
* OB3 introduces significant tax code changes impacting individuals and businesses.
* QBI deduction is now permanent for small business owners.
* Income tax brackets have been adjusted, but many won’t feel the impact.
* Retirement contributions are now tied to inflation.
* Child tax credit will increase to $2,200 per child by 2025.
* New senior deduction of $6,000 for those over 65.
* SALT deduction cap increased to $40,000.
* Qualified Opportunity Zones can defer or eliminate taxes on gains.
* Qualified small business stock offers significant tax benefits.
* Payroll tax compliance is essential under new rules.
* Depreciation rules now allow faster write-offs for capital investments.
* Proactive, long-term tax planning can save money in the long run.
* Common tax myths can lead to poor financial decisions.
* Asking questions is vital for entrepreneurs starting out.

Connect with Will Hoffman:

Hoffman Wealth Management
(724) 522-5411
will@hoffmanwealth.com
LinkedIn: Will Hoffman
Facebook: Hoffman Wealth Management
YouTube: Hoffman Wealth Management
* Instagram: Hoffmanwealthmanagement

Connect with Kelly Bender:

LinkedIn: Kelly Bender
Facebook: Total Business Soulutions
YouTube: LifeUntaxed
* Instagram: LifeUnTaxes
* TikTok: LifeUntaxed