Wealthy Way Trump’s New Tax Plan Could Eliminate Income Tax | Karlton Dennis
Sep 10, 2025
In this enlightening discussion, tax reduction strategist Karlton Dennis shares his expertise on maximizing deductions and reducing taxable income. He dives into Trump's proposed tax plan that could eliminate income tax and explores new deductions for tipped income and 100% bonus depreciation for vehicles and equipment. Karlton also covers unique strategies like leveraging film production investments for tax benefits and the clever use of country club memberships as deductible expenses, all while emphasizing the importance of decisiveness in financial success.
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Big Beautiful Bill Changed Tax Landscape
- The Big Beautiful Bill became law July 4, 2025 and made several tax provisions permanent.
- It restored 100% bonus depreciation and added tip and overtime deduction caps for many taxpayers.
Claim New Tip And Overtime Deductions
- Report tipped and overtime income but use new caps to reduce taxable income.
- Tipped income up to $25,000 and overtime up to $12,500 can now be deducted under limits.
Expense Business Assets Immediately
- Use 100% bonus depreciation to expense qualifying business assets in year one.
- Track and document business-use percentage to claim only the allowable portion of vehicle or equipment costs.