The New Tax Code is Here

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Congress has passed and President Trump has signed the Big Beautiful Bill, which is our new tax code (along with a bunch of other things). While you might have a strong opinion on different aspects of this legislation, all we care about today is how it will impact tax planning and financial planning for people preparing for retirement.

We’re going to run through all of the major provisions in the new bill, along with some of the items that might need your attention this year. These changes, among others, highlight the importance of staying informed and adapting financial strategies to align with the new tax landscape. As we move forward, it's crucial for individuals and families to reassess their tax plans to take full advantage of the benefits available under the new code.

Here’s what we discuss in this episode:

📉 Tax brackets made permanent (no more 2025 cliff!)

🧾 New $12K deduction for couples over 65

🏡 SALT deduction cap raised from $10K to $40K

🚗 Deduct car loan interest (yes, really)

⚠️ Trump Accounts, student loan limits & EV credit phase-out

 

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