Episode #8 - Big Beautiful Bill Implications with Billy Hay

In this episode of the Financially Fit Couple podcast, host Matthew Gray welcomes Billy Hay to discuss the latest changes in tax legislation and what they mean for busy married couples with kids. They dive deep into key topics such as adjustments in charitable giving, state and local taxes (SALT), auto loan interest deductions, clean energy credits, tip and overtime taxation, bonus depreciation, and the new Trump accounts for kids. They also clarify misconceptions surrounding Social Security taxation and the standard deduction. This episode is a must-listen for anyone looking to stay ahead of their taxes and understand the implications of recent legislative changes.00:38 Introduction to Today's Topic: Tax Legislation Changes01:53 Guest Introduction: Meet Billy Hay, CPA04:31 Charitable Giving: New Tax Benefits09:04 State and Local Taxes: SALT Deduction Changes15:41 Clean Energy Credits: Act Now Before They Expire20:02 Overtime and Tips: New Tax Rules26:07 Bonus Depreciation: What Business Owners Need to Know30:22 Trump Accounts for Kids: What We Know So Far35:04 What's Not Changing: Common Misconceptions40:03 Final Thoughts and AdviceResourceshttps://www.irs.gov/credits-deductions/clean-vehicle-and-energy-creditshttps://www.fidelity.com/learning-center/smart-money/standard-deductionhttps://www.dykema.com/news-insights/landmark-tax-legislation-of-the-one-big-beautiful-bill-act-what-it-means-for-you.html#:~:text=For%202025%2C%20the%20deduction%20is,tax%20credit%20is%20made%20permanent.Matthew Grayhttps://www.linkedin.com/in/matthew-gray-cfp%C2%AE-5a2144134/https://schrockfin.com/Securities and advisory services offered through LPL Financial, a registered investment advisor, Member FINRA/SIPC