Small Business Tax Savings Podcast Trump’s ‘One Big Beautiful Bill’ Just Changed Your Taxes Forever – What’s Inside
Jul 9, 2025
A groundbreaking tax overhaul is reshaping the landscape for business owners. Highlights include a 100% bonus depreciation and a permanent 20% QBI deduction. The state and local tax deduction cap has been temporarily increased, while new rules for charitable giving offer fresh tax-deferred savings. Learn how to maximize business write-offs and navigate these significant changes to slash your tax bill. This update is crucial for anyone looking to stay ahead in personal and business finances!
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Permanent Tax Brackets and Credits
- The bill permanently extends Tax Cuts and Jobs Act brackets and standard deductions, avoiding rate increases after 2025.
- Child tax credit increases to $2,200 per child starting 2026, adjusted for inflation.
SALT Deduction Increase Temporary
- SALT deduction cap raised from $10,000 to $40,000 for taxpayers earning under $500,000 for tax years 2025-2029.
- After 2029, SALT cap reverts to $10,000, impacting high-income state taxpayers positively in the interim.
No Tax on Tips and Overtime
- Tips and overtime pay can be deducted from federal taxable income up to certain limits for 2025-2028.
- Deductions phase out for income over $150K single or $300K joint; applies to eligible workers only.