New Tax Bill, SALT, Q&A

In this episode of Business for Breakfast, hosts Aaron andRebecca Novinger discuss the implications of Trump's newly proposed tax bill, focusing on key provisions that could benefit small business owners. They explore the potential increase in the Qualified Business Income (QBI) deduction, the reinstatement of full bonus depreciation, and changes to the SALT deduction cap. The conversation also touches on the proposed child tax credit increase, auto loan interest deductions, and estate tax exemptions. Additionally, they highlight their charity initiatives aimed at supporting victimsof financial crimes, emphasizing the importance of community support and financial literacy. In this conversation, the speakers discuss various taxstrategies for business owners, particularly focusing on how to legally pay children and grandchildren to provide them with a financial head start while also benefiting from tax deductions. They explore the advantages of Roth IRAsfor minors, the importance of financial literacy, and the need for proper record-keeping. The discussion also touches on estate planning and how to navigate market volatility, followed by a Q&A segment addressing specific listener inquiries about payroll strategies and tax benefits for families.