Write Off the Sunset: Planning Around the OBBBA

This week's blogpost - https://bahnsen.co/4m3JlJo Navigating the New Tax Landscape with Matt Gregory In this episode of the Thoughts and Money Podcast, host Trevor Cummings welcomes Matt Gregory, Director of Financial Planning at The Bahnsen Group, for his first appearance on the show. They explore the details and implications of a new tax bill—dubbed the One Big Beautiful Bill Act (O-B-B-B-A)—covering topics like charitable giving strategies, state and local tax (SALT) deductions, and Social Security taxation. The discussion also delves into above-the-line and below-the-line deductions, credits, and planning opportunities for different client profiles. Additionally, they discuss the impact of tips, overtime, and introduce new tax-deferred savings accounts for children. The episode underscores the importance of strategic planning and leveraging available software tools to optimize tax outcomes. 00:00 Welcome to the Thoughts and Money Podcast 00:18 Introducing Matt Gregory: From Broadway to Financial Planning 01:09 Understanding the New Tax Bill 02:28 Above the Line vs. Below the Line Deductions 07:11 Charitable Giving Strategies 17:14 State and Local Tax Deductions (SALT) 19:45 Scrutinizing the New Tax Bill 20:28 Social Security Tax Changes 22:50 Tax Implications for Tips and Overtime 25:57 Automobile Loan Interest Deductions 28:01 New Savings Vehicle for Kids 28:50 Estate Exemption and Planning 33:34 Market Reactions and Predictions 36:27 Practical Tax Planning Tips 39:47 Conclusion and Contact Information Links mentioned in this episode: http://thoughtsonmoney.com http://thebahnsengroup.com