EP07 - Are You Ready for the 2025 Tax Overhaul? Learn How to Optimize Your Finances Now

EP07 - Are You Ready for the 2025 Tax Overhaul? Learn How to Optimize Your Finances NowIn the premiere episode of Let's Get Fiscal, hosts Anastasia and Myiesha from Coterie Tax explain the significant tax changes in Washington's latest bill, the Big Beautiful Bill Act of 2025. They dive into crucial updates such as the return of 100% bonus depreciation, enhancements to state and local income tax deductions, and the continuation of the Qualified Business Income deduction. The hosts also discuss the expiration of the electric vehicle tax credit and the complexities around pass-through entity tax. Learn how these changes impact small business owners and the strategies to maximize benefits for a thriving creative business.00:00 Introduction to Creative Business Taxes00:43 Overview of the 2025 Tax Bill01:45 Key Changes in Tax Provisions03:28 Bonus Depreciation Explained07:32 State and Local Tax Deductions09:03 Pass-Through Entity Tax15:06 Navigating Business Ownership and Tax Caps15:34 Understanding the Qualified Business Income Deduction18:21 Implications of the Electric Vehicle Tax Credit Expiration21:05 Strategic Tax Planning for Business Owners25:43 The Importance of Consulting a Tax Professional27:35 Final Thoughts and How to Get More Information🔗 Helpful Links & Resources📬 Got a question for the show?Submit it here: https://www.coterietax.com/qa🎧 Want to listen to more episodes?Catch the latest episodes at: https://www.coterietax.com/podcast📊 Need personalized help with your business finances?Learn more about working with Anastasia and Myiesha: https://www.coterietax.com