This month on the Independence Wealth Podcast, host Eric Nelson discusses the implications of the new tax law, the One Big Beautiful Bill, for retirees and pre-retirees. He covers changes to standard deductions, tax brackets, and strategies for Roth conversions and retirement account withdrawals.
In this episode:
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The One Big Beautiful Bill extends the Tax Cuts and Job Act from 2017.
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Standard deductions for retirees have increased substantially.
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Married couples filing jointly over 65 receive an additional $12,000 deduction.
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Lower tax brackets and bigger deductions offer more room for IRA and 401k withdrawals.
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Roth conversions are attractive for those under 73.
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No tax on tips up to $25,000 deduction until 2028.
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Larger standard deductions reduce taxable social security benefits.
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Medicaid program spending cuts may affect long-term care planning.
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The child tax credit is now permanent.
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The QBI deduction for small businesses has been preserved and expanded.
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Contact: https://independence-wealth.com/contact-us/
Connect with Eric:
LinkedIn: https://www.linkedin.com/in/erictnelson/
Website: https://independence-wealth.com
Email: Eric@independence-wealth.com
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