2025 Tax Shift – One Big Beautiful Bill Moves Forward

The Senate just released its version of the sweeping new tax bill—and it’s packed with changes that could reshape your tax strategy for 2025 and beyond. In this episode, Jeff Trapp breaks down the most important updates and what business owners and high earners need to know now.Jeff covers proposed changes to the standard deduction and senior bonus amounts, surprising moves on the SALT cap and pass-through entity tax credits, and expansions to both the child tax credit and dependent care breaks. He also dives into the return of 100% bonus depreciation, the permanence of the Section 199 business income deduction, and new limitations on tax-free tips and overtime wages. Other key insights include increased charitable deductions for non-itemizers and updates to EV credits, HSA provisions, and the QSBS exclusion for small business owners.With July 4th around the corner, this episode sets the stage for what could be the most impactful tax reform since the 2018 Tax Cuts and Jobs Act. Hit play to stay ahead—and if you don’t have a tax strategist yet, now’s the time to find one.