Money Guy Show The 5 Things You NEED to Know About In The One Big Beautiful Bill
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Jul 25, 2025 Explore the impact of recent major tax law changes on your finances. Discover new tax brackets, enhanced deductions, and exciting savings options for newborns. Learn how updates to student loan policies will affect borrowing and repayment plans. Get insights on maximizing educational funds through 529 plans and the importance of proactive financial planning. Understand the implications of tax deductions for high-income earners and top tips for managing your financial future effectively!
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Tax Rates Permanently Locked In
- The "One Big Beautiful Bill" locks in current tax rates instead of reverting to pre-2017 higher rates.
- This prevents a 3-4% tax increase and makes rates as permanent as possible under current legislation.
Maximize Tax Benefits and Consider Help
- When filing taxes, ensure you claim all deductions and credits you qualify for under the new bill.
- Keep thorough records and consider hiring a tax professional for the first year of these major changes.
Tip and Overtime Deductions Introduced
- New temporary deductions up to $25,000 for tip income and $12,500 for overtime pay reduce taxable income for eligible workers.
- These apply from 2025 to 2028 and are subject to income phase-outs.
