Oh — and if you're planning on going solar or buying an EV, you’ll want to move fast. Let’s break down what actually made it into the 870-page bill — and what you need to act on now.
Topics Discussed
- Key tax updates from the "One Big Beautiful Bill" (OBBA) and their impact on high earners and business owners.
- How the 37% tax bracket and the doubled standard deductions affect financial planning.
- The increased SALT deduction cap to $40,000—and how to leverage the pass-through entity tax workaround.
- New financial opportunities, such as above-the-line charitable deductions for non-itemizers and "Trump accounts" for children born between 2025 and 2028.
- Insights on enhancements to 529 plans and HSAs that expand educational and healthcare savings options.
- The new $1,700 tax credit for donations to scholarship-granting organizations.
- Valuable strategies tailored for ER doctors and business owners to navigate the latest tax legislation effectively.
Resources Mentioned:
Tags:
Tax Updates, One Big Beautiful Bill, Tax Brackets, Tax Rates, Standard Deductions, Personal Exemptions, Mortgage Interest, Estate Tax, SALT Deduction, Tax Law Changes, Tax Deductions, Tax Credits, Trump Accounts, 529 Plans, HSAs, Clean Energy Tax Credits, ER Professionals, Financial Guidance, emergency medicine, ER doc, ER doctor