July 15, 2025 • 29 mins
Join hosts Chris Picciurro, CPA, and John Tripolsky as they unpack the sweeping changes introduced by the newly enacted One Big Beautiful Bill Act (OBBBA or OB3). This 1,100-page piece of legislation is one of the most impactful tax updates in recent years, and this episode breaks it down into digestible, actionable insights for individual taxpayers.
What You’ll Learn:
• How OB3 makes many TCJA provisions permanent
• What’s changing with the Child Tax Credit and how it affects your refund
• New deductions for overtime pay and tip income
• Why the SALT deduction cap increase is a big win for high-tax states
• What “Trump Accounts” are and how they could shape your child’s financial future
Key Insights:
Chris Picciurro highlights the lasting impact of OB3 on everyday tax planning. From expanded standard deductions to new tax benefits for families and workers, this episode is a must-listen for anyone navigating the new tax landscape in 2025 and beyond.
Practical Takeaways:
• Use the increased $2,200 Child Tax Credit to boost your refund potential
• Plan ahead if you’re in a high-tax state—the $40,000 SALT deduction cap can dramatically shift your strategy
• Deduct up to $25,000 in cash tips and leverage new vehicle loan interest rules
• Learn how “Trump Accounts” might offer automatic contributions for your child
Resources:
• Wealth Builders Mortgage Group: wealthbuildersmortgagegroup.com
• Explore more episodes at TeachingTaxFlow.com
• Join the Defeating Taxes Facebook Group: DefeatingTaxes.com
• Watch full episodes on our YouTube Channel
Episode Sponsor:
Wealth Builders Mortgage Group
Visit wealthbuildersmortgagegroup.com and mention Teaching Tax Flow for personalized mortgage guidance from trusted professionals.
- (00:02) - Exploring the One Big Beautiful Bill Act's Impact
- (06:16) - Tax Cuts and Benefits for Families Under OB3
- (13:34) - New Tax Deductions and Their Impact on Taxpayers
- (22:08) - Introducing Trump Accounts and Expanded 529 Plan Flexibility
- (23:41) - Tax Changes and Their Impact on Future Financial Planning
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
John Tripolsky (00:02):
Hey, everybody, and welcome back to the Teaching
Tax Flow podcast episode 144today. We are gonna look at
something that has likely comeacross your email in one way,
shape, or form from teaching taxflow or somebody else in the tax
professional industry. We aregonna look at the one big
beautiful bill act and how thatrelates to specifically
(00:24):
individual tax payers. Butbefore we do that, let's take a
moment and thank our episodesponsor.
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John Tripolsky (01:34):
Hey, buddy. Welcome back to the podcast.
Today, obviously, as you heardin the intro, we are gonna look
at the one big beautiful billact or the o b b b a or the o b
three a. Million different waysto say this thing, I'm sure. But
if you haven't heard anythingabout it yet, it is literally
1,100 pages plus.
So you likely haven't understoodor haven't taken the time to
(01:57):
read every single page in it. Ifyou have, kudos to you. I can't
say that I have personally. Lotsof information in there, lots of
things. I think even theindustry is still really trying
hard to unpack and understandand figure out how it blends and
kind of marries into otherthings that are already in
existence and things that aresupposed to change.
But the best place, I think, we,here at Teaching Tax Flow, have
(02:19):
seen this, information kindasorted out right is how it
relates to individuals and thenbusinesses. So individuals,
individual taxpayers, and that'swhat we're gonna talk about here
today. So, Chris Pacquiro,welcome back, obviously. But,
I'm excited about this topic alittle bit because, really, this
is the first time I think we'vewe've carved out some
significant time to to talkabout this, you and I. So a lot
(02:41):
of it will be new to me.
Chrius Picciurro, CPA (02:44):
It's great to be back. I'm excited to
jump into some of the individualtax changes. We are going to
have just tons of content in theteaching tax flow community. So
that is not just this podcast,but it's also our YouTube
channel, teaching tax flow.Definitely subscribe.
Our defeating taxes privateFacebook group. We it's it's
(03:07):
kinda funny, John, because wehave, like, an unlimited amount
of content now with this whatwe're gonna call the OB three.
Not the OB one Kenobi, not theOPP. Sorry. Naughty by nature,
but the OB three, the one bigbeautiful bill act.
And you're right. It really isa, it's a massive paradigm
shift, in many ways. And, butwhat we first wanna tackle is is
(03:33):
because we're gonna tackle someof the state tax issues. We're
gonna tackle business. We'regonna tackle real estate.
We're gonna bring on specialguests. But let's talk about
what you need to know right now.This bill was just signed in on
July 4 very recently. So let'slook at some of the individual
provisions that are going toaffect almost, I would say, all
(03:55):
of the teaching tax flow podcastviewers if you're on our YouTube
channel, listeners if you'relistening on your favorite
podcast provider. So let's jumpin, Johnny.
And and, again, we're going anyquestions that you have. This is
your opportunity to say, I'mgoing to jump in to our private
(04:18):
Facebook group. You can askquestions anonymously and ask a
question or leave a comment onour YouTube channel. We reply to
these things. Your questionsdrive our content.
So it's very, very important.It's not a bother at all. This
is a labor of love for us, John.The only payment we ask for from
you is to like and subscribe andshare our content if you like
(04:39):
it. That's it, which I think isvery fair.
Oh, absolutely.
John Tripolsky (04:44):
Absolutely. And and, Chris, I think too. Right?
Like, we refer to this. This isliterally 11 I think it's 1,148
pages or something of the sort.
So there's so much informationpacked in this. Not only I think
we should take a moment andacknowledge the fact that
somebody actually had to typethis dang thing out. So whoever
did that, whoever you are,specifically keyboard stroking
on this, you're an amazing humanbeing regardless what's in this
(05:06):
thing. But also too, like like,I almost lead into this a little
bit. So as I mentioned, youknow, everybody, I think, even
somebody like yourself has beendoing this twenty five plus
years.
Right? It's gonna take a whileto unpack this and and fully
embrace and understandeverything. So whoever you, the
taxpayer, and speaking to theaudience, uses, you know, or is
(05:28):
your your tax partner, give thema little bit of grace in this.
They're not gonna know everysingle thing about this, oh, you
know, within a week here. Sowe're all kinda working through
this.
And, Chris, what you mentioned,this is a great opportunity. Ask
questions. Figure it out. Youknow, if you don't get an exact
answer from somebodyimmediately, just again,
understand that this is huge.Right?
(05:49):
And there's a lot to it. So Ijust wanted to kinda preface the
conversation with that just alittle bit.
Chrius Picciurro, CPA (05:53):
So what did the OB three do? Well, it
from a big picture standpoint,it permanently extended money of
the TCJA. John, I don't know ifyou I think you're slacking. I'm
calling you out. I have notheard any jingles or any funny
noises when we use an acronymyet.
John Tripolsky (06:13):
So We'll bring it back. We'll bring it back in
this one.
Chrius Picciurro, CPA (06:16):
Alright. So TCJA Tax Cuts and Jobs Act of
2017. So permanently extendedsome of the TCJA provisions and
added some new rules. We'regonna talk today about standard
deduction, child tax credits,salt tax deduction, overtime
deductions, and more. So thefirst topic, it's go that this
did this this the o b three didis it extended reduced tax
(06:40):
rates.
Those were gonna expire in 2026,and everyone's tax, no matter
who you are, was gonna go upbetween 25%. So the lower tax
rates John, I know you've gotwe've we've talked about this.
I've I don't know when I saidit, but you said that we're in
the golden age of taxes. Right?Because we're in a historically
low marginal tax rates.
(07:00):
Those marginal tax rates havebeen extended, under OB three
because they were gonna go byebye. It also increased the
standard deduction for 2025. Nowthat the standard deduction now
remember, you either take thestandard deduction based on your
filing status or you itemizeyour deductions if your itemized
(07:21):
deductions are higher than yourstandard deduction. That
standard deduction for marriedfiling joint is for 2025 is an
even $31,500. For single filers,$15,007.50.
So that means that less peoplewill be itemizing because the
standard deduction is higher.So, hey, that's pretty that's a
(07:44):
that's a good amount of money,for a standard deduction, 31,500
for married joint.
John Tripolsky (07:49):
Right. And, actually, Chris, really quick.
So I know we did jump into that.Let's take a a very brief moment
if you can and even just explainelevator style, elevator pitch
style. What exactly is astandard deduction?
If this is the first timesomebody's heard about that. I
know we're kinda taking a stepback a little bit. But
Chrius Picciurro, CPA (08:04):
Sure. Well, like I said, this everyone
who every taxpayer gets to takea deduction and not pay tax on a
on the first portion of the on aportion of their income. So for
married filing joint, let'sassume your income is you have
you've earned $40,000 on your wtwo wages. It no matter what
(08:27):
your medical expenses are,mortgage interest, property
taxes, charitable contributions,those all could be zero, and you
still get a standard deductionof $31,500. Meaning, 40,000
minus the $31.05, you'd pay taxon $8,500.
Now let's say all the itemizeddeductions, which are reported
(08:47):
on schedule a, exceed thestandard deduction, then you get
to deduct the itemizeddeductions instead. And I know
we've got a podcast episode onwe talk I think we talked about
schedule a or when is it rightto itemize. But yeah. So that
that means that even if you havezero itemized deductions, you
still get the standarddeduction, and you get to take
(09:08):
that deduction off of yourtaxable income. So one more
example.
If someone makes a $100,000, amarried couple, They're gonna
pay federal tax on the $100,000minus the standard deduction of
31,005.
John Tripolsky (09:21):
Perfect. Basically, that's a a packaged
standard deduction wrapped upwith a bow on it given to
everybody. Absolutely. Sense.
Chrius Picciurro, CPA (09:31):
Let's talk about child independent
benefit updates. Another bigtopic with OB three. So the
child tax credit increased to$2,200 per child starting here
in 2025. And the refundableportion of it is now $1,400, and
that's indexed for inflation.Remember, there are with
(09:53):
credits.
And we I think we have a wedon't have a pod we know we have
content on this. For sure wehave content on this. The
difference between a refundablecredit and nonrefundable. A
refundable credit means that ifyou have a thousand dollar
credit and you only pay $600worth of federal tax, your that
thousand dollar credit wouldwipe out the $600 of federal
(10:15):
tax, and you would get $400 backin your pocket. A nonrefundable
credit means that if you had athousand dollars of credit and a
$600 of tax, that credit couldoff wipe out the tax.
You don't have any tax, but youdon't get a refund for the $400.
So the child tax credit's ahybrid credit. $1,400 of it's
refundable. $800 of it isnonrefundable for 2025. So now
(10:41):
this is gonna be you know, whatI expect the ramifications of
this is gonna be is that Iexpect that tax refunds are
gonna be higher for the 2025return because withholding
you're you're withholding fromyour from your w two wages for
most you know, most taxpayersare w two wage earners.
Those withholdings were based onprevious tax, you know, tax
(11:03):
rates and lower child taxcredits. So you there might be
you might get a larger refund.We don't know what's gonna
happen. We don't know if thewithholding tables are gonna get
updated by the end of the year.There's just a lot going on.
But the child tax credit israised to $2,200 with 1,400
refundable, and this credit isindexed for inflation. So in
future years, based on ourinflation, that child tax
(11:26):
credit's gonna go up. It wasstagnant for a long time. So
that that inflation that indexis is very beneficial for for
parents, just like yourself,John. You know, someone like
yourself.
The dependent care credit. Iknow one of your favorite topics
is daycare.
John Tripolsky (11:43):
He's pouring salt on a on a on a wound here,
folks. Just so know.
Chrius Picciurro, CPA (11:49):
It's all good. Care credit, the maximum
percentage increase went from35% to 50%. So let's assume you
paid, you know, a thousanddollars for dependent care. That
would be nice, wouldn't it? Butlet's say you paid a thousand of
day care.
The maximum credit previouslywould have been, $350. Now the
maximum credit's 50% of $500.Remember, a credit is better
(12:13):
than the deduction. So up to 50%of what you pay for day care
could come back to you as far asa tax credit. And now those
those credits phased out, butthere's a new tier two tier
phase out structure for higherincome households.
So that's that's another, youknow, pro taxpayer with young or
(12:35):
school aged children credit. Inthe child and dependent care
flexible spending accountcontribution is raised to
$7,500. So what that means isthat a lot of employers, larger
employers, allow you to go putmoney pretax into an FSA, and
that money be paid directly toyour childcare provider. That
(12:57):
way it just comes off of yourtaxable wages as w two. That was
$5,000.
That went up to $7,500. So thebottom line is with child
dependent benefits, very muchpro families with younger or
school aged children.
John Tripolsky (13:14):
So And these are some pretty significant changes.
Like you mentioned too, they'revery pro that I mean, I think
the the overall impact of that.Right? I mean, there's a lot of
families that I mean, this is ahuge, huge thing for them that
are definitely lower, you know,incomers, we should say. I mean,
this is massive for them.
Chrius Picciurro, CPA (13:34):
Right. Oh, absolutely. Now let's talk
about some new deductions, ournext topic. During the election,
we remember, we did twoepisodes. We did a specific
episode for vice presidentHarris's tax plan and for now
(13:55):
president president Trump's taxplan.
And and then we compared them alittle bit, and some of them had
the same thoughts. Right? Orboth plan some the plans
sometimes have the samethoughts. Let's talk about some
new deductions, the overtimededuction. So now there's up to
a $12,500 if you're single or$25,000 if you're joint that you
(14:21):
can deduct for qualifiedovertime pay.
There are phase outs for highincome earners. Alright? But
let's assume let's assume youhave a married couple, someone
earned on a w $285,000, and$20,000 of that was quali paid
for overtime. That since they'remarried, $20,000 of overtime is
(14:44):
less than the than the than the$25,000 max. That $20,000
overtime will not be taxable.
Pretty crazy. Now we know thatthese w twos are gonna get so
much more complicated. John, youknow, I I'm a preacher of this.
There's no such thing as an easytax return. Right?
So
John Tripolsky (15:05):
And they and they just got more
Chrius Picciurro, CPA (15:07):
than were. Right? So, like, the w
twos now are gonna be the w twosare gonna have to identify tip
income and overtime deductionsand all those crazy stuff. But
that's just
John Tripolsky (15:17):
And I wondered too, like, I mean, speaking for
for your private practice.Right? Like, you guys I mean,
obviously, you have a niche inreal estate investors, which,
you know, stereotypically,higher income earners of that.
So I I wonder really too from afrom a stand we'll call it a
standard or a normal we'll nevercall it easy, you know, taxpayer
(15:38):
perspective. It's gonna beinteresting too just how much or
how long it takes or how good ofa job a lot of these tax
preparers and and tax pros do ofeducating their clients of
these.
Right? Because, I mean, I I seethis now. I mean, me and I think
me and my wife were speaking tothis a while back. They're, you
(15:58):
know, in in a position or in acompany. Right?
You might have a ton ofemployees, and they just they're
hourly. They rack up a ton ofovertime. Like, they fight for
overtime opportunities, and theytake it. You know, I really
wonder how many of them, a, eventhough this exists now, it's
very new. Right?
We're talking a week. But Iwonder if it's just gonna kinda,
(16:20):
you know, fly over their headwhen they do hear about it or if
they look at it as a planningopportunity or just something
to, you know, keep, keep in tuneof. Right? But then also you
look at the some of these otherones. Right?
I think we're gonna we're gonnaspeak on another, you know,
notable new deductions and otheritems in here. It's gonna change
the way that people look atthings, purchases, you know,
(16:41):
just the way they do things. Ithink it'd change their lives a
little bit if they know aboutit. Right?
Chrius Picciurro, CPA (16:45):
Mhmm. Absolutely. It it's it'll be
very interesting how this isrolled out. I mean, will there
be withholding now on overtime,or can you elect out of it? The
whole withhold payrollwithholding issues, they're
gonna be really interesting withthis overtime deduction.
Let's talk about another newdeduction, the tip income
deduction. So there are limits.Right? But up to $25,000 per
(17:07):
year for cash tips can be, is isis deductible. So let's say
you're let's say you're aserver, and your income is you
know, you're paid $25,000, andthen you earn $10,000 worth of
tips.
That $10,000 worth of cash tipstaxable. There are limits, but,
(17:30):
again, the tip income deduction,the overtime deduction, two big
deductions that were not aroundbefore. The third one, you can
now deduct your interest. Nowcar loan interest used to be
deductible before I even startedpreparing returns, I believe,
but now up to $10,000 ofinterest on qualifying personal
(17:50):
vehicles per year are allowed asa deduction. So now does that
mean more people are going toitemize their deductions?
Is that you know, there's justso much. So three new deductions
that we're gonna figure out howthat's gonna change and, change
things around.
John Tripolsky (18:06):
And really And looking at just these three
alone. Right? I mean, to me,and, again, not getting in the
weeds, but I look at this as,you know, I wonder how many
people because we're talkingabout. Right? So even the tip
income.
Again, we we know this at a at avery small level right now, but,
you know, they're talking aboutit was a $25,000, deduction
limit. I wonder how many peoplenow, you know, would had never
claimed any cash tips. They makeit a killing, never claiming it,
(18:29):
and now all of a sudden, they'regonna claim, you know, $24,993.
And, you know, it's it's justgonna be interesting to see some
of the data, and I know the IRSputs out, you know, a data book
annually. It'll be interestingto see how a lot of this has
changed.
But then also writing thatpersonal vehicle on, I was
really shocked to see that,honestly. I didn't expect that.
I mean, I'm sure there was a lotof reasoning behind it. Maybe
(18:51):
it'll stimulate the, you know,new car market, used car market.
Who knows?
Because I know there's other,this phase out of some some
credits and whatnot, but it'sinteresting. Very interesting.
Chrius Picciurro, CPA: Absolutely. And we're gonna, (19:02):
undefined
again, we're gonna be coming outwith much more detailed content
on on all of these these itemswe're talking about. Here's a
big one, especially for peoplein those states that have an
income tax. The salt tax, notthe not what you put on your
hamburger if you do put salt onyour hamburger, but the salt
(19:23):
tax, state and local income tax.If you itemize your deduction,
that salt tax deduction formarried couples filing jointly
was 10,000.
Well, guess what? It went up to$40,000. That's, I mean, 400
percent now. So now you coulddeduct up to $40,000 in 2025 of
(19:46):
state and local income taxes.
John Tripolsky (19:49):
And You're paying a lot in taxes to get
that deduction. So
Chrius Picciurro, CPA (19:54):
Well, and it seems fair. Like, think about
the theory behind this, John.Let's say you paid $15,000 of
state of Michigan tax andproperty taxes. You and your
wife only got a deduction for10. That means that you paid
$5,000 to another taxing entity,and you're not even getting a
deduction for that 5,000 fromthe federal government.
You're getting you're paying taxon money you had to pay tax on.
(20:17):
It just didn't make any I'd sothat SALT tax increase is very
favorable. The mortgage interestdeduction is was made permanent.
So more acquisition debt up to$750,000 is now still
deductible. So if you buy a homelet's say you buy a property for
700,000, you take a mortgage outfor 450, then tire since that
(20:40):
mortgage is less than $7.50, allthe mortgage interest is
deductible.
And MIP. Oh, that means, backwhen I was in college, I'm a
minor in possession, but we'renot gonna talk about that. We're
gonna MIP mortgage insurancepremiums or PMI. Right? Private
mortgage insurance is nowdeductible again.
(21:00):
So that's for people that aren'tsometimes, people that get a
mortgage don't put 20% down orput a little less percentage
down and have to pay what'scalled PMI, which is a because
their loan is more risky thanothers, and have to pay
insurance on that, and that'snow deductible. So, again, solid
cap and mortgage interest, theseare schedule a deductions. Let's
(21:26):
move into savings andeducational provisions. There's
something new called a, quote,unquote, Trump account. Okay?
These are new accounts forchildren that are born in 2025,
or new accounts for children 18that will that will get a $1,000
deposit. So it's a way to putmoney into into accounts for
(21:52):
help younger people save. Andthe annual people other people
can contribute to these Trumpaccounts up to $5,000. So
remember, we always had fivetwenty we've not always, but for
a long time, we've had a fivetwenty nine plans, but those
that was earmarked just foreducation. So these are trying
to create a little nest egg forchildren, and they're gonna be
(22:13):
called Trump accounts.
We're gonna we're gonna havemore content on that as well.
05/29 and, again, how this isgonna get administered? Who the
heck knows? Right? 05/29 planexpansion.
Remember that there was a bigchange to the 05/29 plans where
you can now take money out ofthe 05/29 and use it for k to 12
qualified education, but thelimit was $10,000. That limit
(22:36):
doubled to $20,000. And nowvocational credentialing is is
eligible for taking money out ofthe five twenty nine plan tax
free. So point is moreflexibility for five twenty nine
plan owners.
John Tripolsky (22:55):
Mhmm. And I think, Chris, as we as we talked
on, obviously, we have anotherepisode that we're gonna do more
business focused after this one.There there's a lot to this,
which, I mean, honestly, those Imean, we we've done so many
episodes with so many topics.This does change some of the
stuff that we spoke onpreviously. I don't think it
completely blows anything up, towhere it's you know, it is what
(23:17):
it is.
But there is a reason for forour listeners why we why we date
some of the stuff we do. Like,we'll talk about, you know, the
current time when we're speakingon it. If there's something
that's planned for the futurethat we know about, we're
talking about that. So therethere's a reason why
intentionally we're talkingabout in, quote, unquote, you
know, verbalizing date stamps aswe're doing this because there's
(23:38):
already a Chris, I I can thinkof four or five topics we've
done, I mean, maybe a 120episodes ago where we've gone
and we've redone them. And andit's not like we're gonna go and
delete the other podcasts wedid.
We're just doing an updatedversion of it. So I think this
this bill, this act that's nowput into place, again, doesn't
explode anything, blow it upthat we've done, but you're
gonna start to see thelisteners. You're gonna
(24:00):
definitely start to seerevisions to stuff that we've
put out there in the past, andwe'll note that. We'll we'll let
everybody know. So you can kindathink of, you know, teaching tax
full as the the very transparentsource, and there's some stuff
that we're not gonna talk on.
And, Chris, tell me if I'mwrong. I don't wanna speak for
you. Some of the stuff we're notgonna talk on if we don't know
enough about it. Like, it it iswhat it is. Right?
Chrius Picciurro, CPA (24:20):
So We're diving in. Absolutely. Let's
talk about a couple I'm gonnawrap this up with a few other
key highlights. And, again,we're gonna definitely I know it
sounds like we're we're doingour own commercial, but if this
hits your ears or eyes,subscribe to our YouTube
channel. I can't tell you howmuch content we're gonna put
(24:41):
out.
In fact, I I we'll probably justcreate a separate playlist just
for the o b three. I thinkthat'd probably be our our best
option. But charitablecontribution deduction now has a
half percent AGI floor. Whatthat typically means is that
only the amount of charitablecontributions over that half
percent of your adjusted grossincome are deductible.
(25:02):
Miscellaneous itemizeddeductions.
Back in the day, those werecalled form twenty one zero six
deductions. They went away withthe Tax Cuts and Jobs Act.
That's where your tax prep fees,unreimbursed employee business
expenses, those have beenpermanently repealed. So that
that's one thing that actuallyhurts, quote, unquote, many
taxpayers. The alternativeminimum tax exemption has been
(25:24):
enhanced.
The estate tax exemption hasbeen increased to $15,000,000,
and a lot of these things takeplace you know, a lot of these
provisions start in 2025 andsome in 2026. So you had a lot
of information here. Definitelysubscribe to our stuff. We're
here to help you out, and starttalking to your tax professional
(25:47):
about how these changes affectyour situation.
John Tripolsky (25:52):
Absolutely. Absolutely. And, Chris, I'm glad
we we took the time to dive intothis. And, again, you know what?
We're gonna do our own damncommercial.
That's what that's what we'redoing here. So I'm gonna I'm
I'll be the one to say it. Wereally we were frankly, we need
the questions that people haveon these topics. And the reason
why I say that, right, is we'redoing our part. We're diving
(26:13):
into this as much as we can.
Chris, obviously, you're you'retaking taking the perspective of
it as the tax pro. Me not beinga tax pro, I'm here for the non
hilarious comic relief half thetime, and I push the record
button on the podcast. That'skind of my role here. But I tend
to try to take the taxpayer viewon. So that's why, like, me and
Chris, I think we have a goodlittle synergy going on with
(26:35):
these.
But, honestly, from anybodywatching, listening, this has
been shared with anything, sendus the questions you have on
these. We know you have them.Send them. Even if we don't
directly respond to you with ananswer, which we probably will,
that's that literally is whatdrives our content. And I think
with this taking place, thisliterally being the biggest
change, well, some of us mayever see in our lifetimes as far
(26:57):
as for tax goes.
Your questions are exactly whatwe need to hear to answer them
in the order of what people havethem in, if that makes sense.
So, basically, what I'm saying,don't be lazy. Don't feel that
you can't reach out with aquestion, Chris, you mentioned.
Join the defeating taxes privateFacebook group. Drop a comment
in there anonymously.
Even if you don't ask aquestion, give us topic ideas
(27:19):
from it. Because this bill,1,100 pages, we have enough
stuff to go through. We'll findan answer. And if we don't have
it, we don't know enough aboutit. We're gonna bring somebody
on that does.
So case in point, it's happenedmany times. We love it. We love
doing this. Hopefully, everybodyI mean, we see it by the
numbers, the download numbers.People love listening to this,
and and we're honored for that.
But definitely log on to toYouTube. Send us that stuff.
(27:44):
Subscribe. Share with a friend.Again, as Chris mentioned, this
is impacting pretty mucheverybody that pays taxes.
And even if you don't pay themnow, you're gonna pay them
eventually, and you're stillgonna be impacted by it. So
there's no running from this.Right. Unless you leave unless
you move out of the country andtake residence and know the
ocean. That's a different story.
Chrius Picciurro, CPA (27:58):
But There's a lot of rules with
that. You can't just yeah. Thatthat's a
John Tripolsky (28:02):
Yeah. I should've I should think you
even said that because that's awhole thing. Yes. So, yeah,
don't go don't go try to dothat. Don't listen to things I
say.
But as always, as we close thisout with, I mean, we love doing
this. Again, thank you everybodyfor kinda following along on
this little journeys, you know,with us. And, again, think about
this. We went, Chris, a 144episodes ago. We decided, hey.
(28:24):
Let's do a podcast. Who knows?We'll listen to it, but we'll
give it a whirl anyways. Grabbeda pizza box, folded in half,
clipped a mic on top of it, andwe went for it. And now we're,
you know, leaps and boundsgrown, and we love this stuff.
So thank you everybody for alongfor the ride here again, and
we'll see everybody back hereagain on the teaching tax flow
podcast. Different date, sameday of the week, completely
(28:47):
different topic except for nextweek. Semi related. So have a
great week, everybody. Thankyou.
Disclaimer (28:56):
The content provided is for educational purposes
only. We encourage you to seekpersonalized investment advice
from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney. Investment
advisory services are offeredthrough Cabin Advisors, a
registered investment advisor.Securities are offered through
Cabin Securities, a registeredbroker dealer.
The content of this podcast doesnot constitute an offer of
(29:17):
securities. Offerings can onlybe made through an offering
memorandum, and you shouldcarefully examine the risk
factors and other informationcontained in the memorandum.
Hey, everybody, and welcome back to the Teaching
Tax Flow podcast episode 144today. We are gonna look at
something that has likely comeacross your email in one way,
shape, or form from teaching taxflow or somebody else in the tax
professional industry. We aregonna look at the one big
beautiful bill act and how thatrelates to specifically
(00:24):
individual tax payers. Butbefore we do that, let's take a
moment and thank our episodesponsor.
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today.
John Tripolsky (01:34):
Hey, buddy. Welcome back to the podcast.
Today, obviously, as you heardin the intro, we are gonna look
at the one big beautiful billact or the o b b b a or the o b
three a. Million different waysto say this thing, I'm sure. But
if you haven't heard anythingabout it yet, it is literally
1,100 pages plus.
So you likely haven't understoodor haven't taken the time to
(01:57):
read every single page in it. Ifyou have, kudos to you. I can't
say that I have personally. Lotsof information in there, lots of
things. I think even theindustry is still really trying
hard to unpack and understandand figure out how it blends and
kind of marries into otherthings that are already in
existence and things that aresupposed to change.
But the best place, I think, we,here at Teaching Tax Flow, have
(02:19):
seen this, information kindasorted out right is how it
relates to individuals and thenbusinesses. So individuals,
individual taxpayers, and that'swhat we're gonna talk about here
today. So, Chris Pacquiro,welcome back, obviously. But,
I'm excited about this topic alittle bit because, really, this
is the first time I think we'vewe've carved out some
significant time to to talkabout this, you and I. So a lot
(02:41):
of it will be new to me.
Chrius Picciurro, CPA (02:44):
It's great to be back. I'm excited to
jump into some of the individualtax changes. We are going to
have just tons of content in theteaching tax flow community. So
that is not just this podcast,but it's also our YouTube
channel, teaching tax flow.Definitely subscribe.
Our defeating taxes privateFacebook group. We it's it's
(03:07):
kinda funny, John, because wehave, like, an unlimited amount
of content now with this whatwe're gonna call the OB three.
Not the OB one Kenobi, not theOPP. Sorry. Naughty by nature,
but the OB three, the one bigbeautiful bill act.
And you're right. It really isa, it's a massive paradigm
shift, in many ways. And, butwhat we first wanna tackle is is
(03:33):
because we're gonna tackle someof the state tax issues. We're
gonna tackle business. We'regonna tackle real estate.
We're gonna bring on specialguests. But let's talk about
what you need to know right now.This bill was just signed in on
July 4 very recently. So let'slook at some of the individual
provisions that are going toaffect almost, I would say, all
(03:55):
of the teaching tax flow podcastviewers if you're on our YouTube
channel, listeners if you'relistening on your favorite
podcast provider. So let's jumpin, Johnny.
And and, again, we're going anyquestions that you have. This is
your opportunity to say, I'mgoing to jump in to our private
(04:18):
Facebook group. You can askquestions anonymously and ask a
question or leave a comment onour YouTube channel. We reply to
these things. Your questionsdrive our content.
So it's very, very important.It's not a bother at all. This
is a labor of love for us, John.The only payment we ask for from
you is to like and subscribe andshare our content if you like
(04:39):
it. That's it, which I think isvery fair.
Oh, absolutely.
John Tripolsky (04:44):
Absolutely. And and, Chris, I think too. Right?
Like, we refer to this. This isliterally 11 I think it's 1,148
pages or something of the sort.
So there's so much informationpacked in this. Not only I think
we should take a moment andacknowledge the fact that
somebody actually had to typethis dang thing out. So whoever
did that, whoever you are,specifically keyboard stroking
on this, you're an amazing humanbeing regardless what's in this
(05:06):
thing. But also too, like like,I almost lead into this a little
bit. So as I mentioned, youknow, everybody, I think, even
somebody like yourself has beendoing this twenty five plus
years.
Right? It's gonna take a whileto unpack this and and fully
embrace and understandeverything. So whoever you, the
taxpayer, and speaking to theaudience, uses, you know, or is
(05:28):
your your tax partner, give thema little bit of grace in this.
They're not gonna know everysingle thing about this, oh, you
know, within a week here. Sowe're all kinda working through
this.
And, Chris, what you mentioned,this is a great opportunity. Ask
questions. Figure it out. Youknow, if you don't get an exact
answer from somebodyimmediately, just again,
understand that this is huge.Right?
(05:49):
And there's a lot to it. So Ijust wanted to kinda preface the
conversation with that just alittle bit.
Chrius Picciurro, CPA (05:53):
So what did the OB three do? Well, it
from a big picture standpoint,it permanently extended money of
the TCJA. John, I don't know ifyou I think you're slacking. I'm
calling you out. I have notheard any jingles or any funny
noises when we use an acronymyet.
John Tripolsky (06:13):
So We'll bring it back. We'll bring it back in
this one.
Chrius Picciurro, CPA (06:16):
Alright. So TCJA Tax Cuts and Jobs Act of
2017. So permanently extendedsome of the TCJA provisions and
added some new rules. We'regonna talk today about standard
deduction, child tax credits,salt tax deduction, overtime
deductions, and more. So thefirst topic, it's go that this
did this this the o b three didis it extended reduced tax
(06:40):
rates.
Those were gonna expire in 2026,and everyone's tax, no matter
who you are, was gonna go upbetween 25%. So the lower tax
rates John, I know you've gotwe've we've talked about this.
I've I don't know when I saidit, but you said that we're in
the golden age of taxes. Right?Because we're in a historically
low marginal tax rates.
(07:00):
Those marginal tax rates havebeen extended, under OB three
because they were gonna go byebye. It also increased the
standard deduction for 2025. Nowthat the standard deduction now
remember, you either take thestandard deduction based on your
filing status or you itemizeyour deductions if your itemized
(07:21):
deductions are higher than yourstandard deduction. That
standard deduction for marriedfiling joint is for 2025 is an
even $31,500. For single filers,$15,007.50.
So that means that less peoplewill be itemizing because the
standard deduction is higher.So, hey, that's pretty that's a
(07:44):
that's a good amount of money,for a standard deduction, 31,500
for married joint.
John Tripolsky (07:49):
Right. And, actually, Chris, really quick.
So I know we did jump into that.Let's take a a very brief moment
if you can and even just explainelevator style, elevator pitch
style. What exactly is astandard deduction?
If this is the first timesomebody's heard about that. I
know we're kinda taking a stepback a little bit. But
Chrius Picciurro, CPA (08:04):
Sure. Well, like I said, this everyone
who every taxpayer gets to takea deduction and not pay tax on a
on the first portion of the on aportion of their income. So for
married filing joint, let'sassume your income is you have
you've earned $40,000 on your wtwo wages. It no matter what
(08:27):
your medical expenses are,mortgage interest, property
taxes, charitable contributions,those all could be zero, and you
still get a standard deductionof $31,500. Meaning, 40,000
minus the $31.05, you'd pay taxon $8,500.
Now let's say all the itemizeddeductions, which are reported
(08:47):
on schedule a, exceed thestandard deduction, then you get
to deduct the itemizeddeductions instead. And I know
we've got a podcast episode onwe talk I think we talked about
schedule a or when is it rightto itemize. But yeah. So that
that means that even if you havezero itemized deductions, you
still get the standarddeduction, and you get to take
(09:08):
that deduction off of yourtaxable income. So one more
example.
If someone makes a $100,000, amarried couple, They're gonna
pay federal tax on the $100,000minus the standard deduction of
31,005.
John Tripolsky (09:21):
Perfect. Basically, that's a a packaged
standard deduction wrapped upwith a bow on it given to
everybody. Absolutely. Sense.
Chrius Picciurro, CPA (09:31):
Let's talk about child independent
benefit updates. Another bigtopic with OB three. So the
child tax credit increased to$2,200 per child starting here
in 2025. And the refundableportion of it is now $1,400, and
that's indexed for inflation.Remember, there are with
(09:53):
credits.
And we I think we have a wedon't have a pod we know we have
content on this. For sure wehave content on this. The
difference between a refundablecredit and nonrefundable. A
refundable credit means that ifyou have a thousand dollar
credit and you only pay $600worth of federal tax, your that
thousand dollar credit wouldwipe out the $600 of federal
(10:15):
tax, and you would get $400 backin your pocket. A nonrefundable
credit means that if you had athousand dollars of credit and a
$600 of tax, that credit couldoff wipe out the tax.
You don't have any tax, but youdon't get a refund for the $400.
So the child tax credit's ahybrid credit. $1,400 of it's
refundable. $800 of it isnonrefundable for 2025. So now
(10:41):
this is gonna be you know, whatI expect the ramifications of
this is gonna be is that Iexpect that tax refunds are
gonna be higher for the 2025return because withholding
you're you're withholding fromyour from your w two wages for
most you know, most taxpayersare w two wage earners.
Those withholdings were based onprevious tax, you know, tax
(11:03):
rates and lower child taxcredits. So you there might be
you might get a larger refund.We don't know what's gonna
happen. We don't know if thewithholding tables are gonna get
updated by the end of the year.There's just a lot going on.
But the child tax credit israised to $2,200 with 1,400
refundable, and this credit isindexed for inflation. So in
future years, based on ourinflation, that child tax
(11:26):
credit's gonna go up. It wasstagnant for a long time. So
that that inflation that indexis is very beneficial for for
parents, just like yourself,John. You know, someone like
yourself.
The dependent care credit. Iknow one of your favorite topics
is daycare.
John Tripolsky (11:43):
He's pouring salt on a on a on a wound here,
folks. Just so know.
Chrius Picciurro, CPA (11:49):
It's all good. Care credit, the maximum
percentage increase went from35% to 50%. So let's assume you
paid, you know, a thousanddollars for dependent care. That
would be nice, wouldn't it? Butlet's say you paid a thousand of
day care.
The maximum credit previouslywould have been, $350. Now the
maximum credit's 50% of $500.Remember, a credit is better
(12:13):
than the deduction. So up to 50%of what you pay for day care
could come back to you as far asa tax credit. And now those
those credits phased out, butthere's a new tier two tier
phase out structure for higherincome households.
So that's that's another, youknow, pro taxpayer with young or
(12:35):
school aged children credit. Inthe child and dependent care
flexible spending accountcontribution is raised to
$7,500. So what that means isthat a lot of employers, larger
employers, allow you to go putmoney pretax into an FSA, and
that money be paid directly toyour childcare provider. That
(12:57):
way it just comes off of yourtaxable wages as w two. That was
$5,000.
That went up to $7,500. So thebottom line is with child
dependent benefits, very muchpro families with younger or
school aged children.
John Tripolsky (13:14):
So And these are some pretty significant changes.
Like you mentioned too, they'revery pro that I mean, I think
the the overall impact of that.Right? I mean, there's a lot of
families that I mean, this is ahuge, huge thing for them that
are definitely lower, you know,incomers, we should say. I mean,
this is massive for them.
Chrius Picciurro, CPA (13:34):
Right. Oh, absolutely. Now let's talk
about some new deductions, ournext topic. During the election,
we remember, we did twoepisodes. We did a specific
episode for vice presidentHarris's tax plan and for now
(13:55):
president president Trump's taxplan.
And and then we compared them alittle bit, and some of them had
the same thoughts. Right? Orboth plan some the plans
sometimes have the samethoughts. Let's talk about some
new deductions, the overtimededuction. So now there's up to
a $12,500 if you're single or$25,000 if you're joint that you
(14:21):
can deduct for qualifiedovertime pay.
There are phase outs for highincome earners. Alright? But
let's assume let's assume youhave a married couple, someone
earned on a w $285,000, and$20,000 of that was quali paid
for overtime. That since they'remarried, $20,000 of overtime is
(14:44):
less than the than the than the$25,000 max. That $20,000
overtime will not be taxable.
Pretty crazy. Now we know thatthese w twos are gonna get so
much more complicated. John, youknow, I I'm a preacher of this.
There's no such thing as an easytax return. Right?
So
John Tripolsky (15:05):
And they and they just got more
Chrius Picciurro, CPA (15:07):
than were. Right? So, like, the w
twos now are gonna be the w twosare gonna have to identify tip
income and overtime deductionsand all those crazy stuff. But
that's just
John Tripolsky (15:17):
And I wondered too, like, I mean, speaking for
for your private practice.Right? Like, you guys I mean,
obviously, you have a niche inreal estate investors, which,
you know, stereotypically,higher income earners of that.
So I I wonder really too from afrom a stand we'll call it a
standard or a normal we'll nevercall it easy, you know, taxpayer
(15:38):
perspective. It's gonna beinteresting too just how much or
how long it takes or how good ofa job a lot of these tax
preparers and and tax pros do ofeducating their clients of
these.
Right? Because, I mean, I I seethis now. I mean, me and I think
me and my wife were speaking tothis a while back. They're, you
(15:58):
know, in in a position or in acompany. Right?
You might have a ton ofemployees, and they just they're
hourly. They rack up a ton ofovertime. Like, they fight for
overtime opportunities, and theytake it. You know, I really
wonder how many of them, a, eventhough this exists now, it's
very new. Right?
We're talking a week. But Iwonder if it's just gonna kinda,
(16:20):
you know, fly over their headwhen they do hear about it or if
they look at it as a planningopportunity or just something
to, you know, keep, keep in tuneof. Right? But then also you
look at the some of these otherones. Right?
I think we're gonna we're gonnaspeak on another, you know,
notable new deductions and otheritems in here. It's gonna change
the way that people look atthings, purchases, you know,
(16:41):
just the way they do things. Ithink it'd change their lives a
little bit if they know aboutit. Right?
Chrius Picciurro, CPA (16:45):
Mhmm. Absolutely. It it's it'll be
very interesting how this isrolled out. I mean, will there
be withholding now on overtime,or can you elect out of it? The
whole withhold payrollwithholding issues, they're
gonna be really interesting withthis overtime deduction.
Let's talk about another newdeduction, the tip income
deduction. So there are limits.Right? But up to $25,000 per
(17:07):
year for cash tips can be, is isis deductible. So let's say
you're let's say you're aserver, and your income is you
know, you're paid $25,000, andthen you earn $10,000 worth of
tips.
That $10,000 worth of cash tipstaxable. There are limits, but,
(17:30):
again, the tip income deduction,the overtime deduction, two big
deductions that were not aroundbefore. The third one, you can
now deduct your interest. Nowcar loan interest used to be
deductible before I even startedpreparing returns, I believe,
but now up to $10,000 ofinterest on qualifying personal
(17:50):
vehicles per year are allowed asa deduction. So now does that
mean more people are going toitemize their deductions?
Is that you know, there's justso much. So three new deductions
that we're gonna figure out howthat's gonna change and, change
things around.
John Tripolsky (18:06):
And really And looking at just these three
alone. Right? I mean, to me,and, again, not getting in the
weeds, but I look at this as,you know, I wonder how many
people because we're talkingabout. Right? So even the tip
income.
Again, we we know this at a at avery small level right now, but,
you know, they're talking aboutit was a $25,000, deduction
limit. I wonder how many peoplenow, you know, would had never
claimed any cash tips. They makeit a killing, never claiming it,
(18:29):
and now all of a sudden, they'regonna claim, you know, $24,993.
And, you know, it's it's justgonna be interesting to see some
of the data, and I know the IRSputs out, you know, a data book
annually. It'll be interestingto see how a lot of this has
changed.
But then also writing thatpersonal vehicle on, I was
really shocked to see that,honestly. I didn't expect that.
I mean, I'm sure there was a lotof reasoning behind it. Maybe
(18:51):
it'll stimulate the, you know,new car market, used car market.
Who knows?
Because I know there's other,this phase out of some some
credits and whatnot, but it'sinteresting. Very interesting.
Chrius Picciurro, CPA: Absolutely. And we're gonna, (19:02):
undefined
again, we're gonna be coming outwith much more detailed content
on on all of these these itemswe're talking about. Here's a
big one, especially for peoplein those states that have an
income tax. The salt tax, notthe not what you put on your
hamburger if you do put salt onyour hamburger, but the salt
(19:23):
tax, state and local income tax.If you itemize your deduction,
that salt tax deduction formarried couples filing jointly
was 10,000.
Well, guess what? It went up to$40,000. That's, I mean, 400
percent now. So now you coulddeduct up to $40,000 in 2025 of
(19:46):
state and local income taxes.
John Tripolsky (19:49):
And You're paying a lot in taxes to get
that deduction. So
Chrius Picciurro, CPA (19:54):
Well, and it seems fair. Like, think about
the theory behind this, John.Let's say you paid $15,000 of
state of Michigan tax andproperty taxes. You and your
wife only got a deduction for10. That means that you paid
$5,000 to another taxing entity,and you're not even getting a
deduction for that 5,000 fromthe federal government.
You're getting you're paying taxon money you had to pay tax on.
(20:17):
It just didn't make any I'd sothat SALT tax increase is very
favorable. The mortgage interestdeduction is was made permanent.
So more acquisition debt up to$750,000 is now still
deductible. So if you buy a homelet's say you buy a property for
700,000, you take a mortgage outfor 450, then tire since that
(20:40):
mortgage is less than $7.50, allthe mortgage interest is
deductible.
And MIP. Oh, that means, backwhen I was in college, I'm a
minor in possession, but we'renot gonna talk about that. We're
gonna MIP mortgage insurancepremiums or PMI. Right? Private
mortgage insurance is nowdeductible again.
(21:00):
So that's for people that aren'tsometimes, people that get a
mortgage don't put 20% down orput a little less percentage
down and have to pay what'scalled PMI, which is a because
their loan is more risky thanothers, and have to pay
insurance on that, and that'snow deductible. So, again, solid
cap and mortgage interest, theseare schedule a deductions. Let's
(21:26):
move into savings andeducational provisions. There's
something new called a, quote,unquote, Trump account. Okay?
These are new accounts forchildren that are born in 2025,
or new accounts for children 18that will that will get a $1,000
deposit. So it's a way to putmoney into into accounts for
(21:52):
help younger people save. Andthe annual people other people
can contribute to these Trumpaccounts up to $5,000. So
remember, we always had fivetwenty we've not always, but for
a long time, we've had a fivetwenty nine plans, but those
that was earmarked just foreducation. So these are trying
to create a little nest egg forchildren, and they're gonna be
(22:13):
called Trump accounts.
We're gonna we're gonna havemore content on that as well.
05/29 and, again, how this isgonna get administered? Who the
heck knows? Right? 05/29 planexpansion.
Remember that there was a bigchange to the 05/29 plans where
you can now take money out ofthe 05/29 and use it for k to 12
qualified education, but thelimit was $10,000. That limit
(22:36):
doubled to $20,000. And nowvocational credentialing is is
eligible for taking money out ofthe five twenty nine plan tax
free. So point is moreflexibility for five twenty nine
plan owners.
John Tripolsky (22:55):
Mhmm. And I think, Chris, as we as we talked
on, obviously, we have anotherepisode that we're gonna do more
business focused after this one.There there's a lot to this,
which, I mean, honestly, those Imean, we we've done so many
episodes with so many topics.This does change some of the
stuff that we spoke onpreviously. I don't think it
completely blows anything up, towhere it's you know, it is what
(23:17):
it is.
But there is a reason for forour listeners why we why we date
some of the stuff we do. Like,we'll talk about, you know, the
current time when we're speakingon it. If there's something
that's planned for the futurethat we know about, we're
talking about that. So therethere's a reason why
intentionally we're talkingabout in, quote, unquote, you
know, verbalizing date stamps aswe're doing this because there's
(23:38):
already a Chris, I I can thinkof four or five topics we've
done, I mean, maybe a 120episodes ago where we've gone
and we've redone them. And andit's not like we're gonna go and
delete the other podcasts wedid.
We're just doing an updatedversion of it. So I think this
this bill, this act that's nowput into place, again, doesn't
explode anything, blow it upthat we've done, but you're
gonna start to see thelisteners. You're gonna
(24:00):
definitely start to seerevisions to stuff that we've
put out there in the past, andwe'll note that. We'll we'll let
everybody know. So you can kindathink of, you know, teaching tax
full as the the very transparentsource, and there's some stuff
that we're not gonna talk on.
And, Chris, tell me if I'mwrong. I don't wanna speak for
you. Some of the stuff we're notgonna talk on if we don't know
enough about it. Like, it it iswhat it is. Right?
Chrius Picciurro, CPA (24:20):
So We're diving in. Absolutely. Let's
talk about a couple I'm gonnawrap this up with a few other
key highlights. And, again,we're gonna definitely I know it
sounds like we're we're doingour own commercial, but if this
hits your ears or eyes,subscribe to our YouTube
channel. I can't tell you howmuch content we're gonna put
(24:41):
out.
In fact, I I we'll probably justcreate a separate playlist just
for the o b three. I thinkthat'd probably be our our best
option. But charitablecontribution deduction now has a
half percent AGI floor. Whatthat typically means is that
only the amount of charitablecontributions over that half
percent of your adjusted grossincome are deductible.
(25:02):
Miscellaneous itemizeddeductions.
Back in the day, those werecalled form twenty one zero six
deductions. They went away withthe Tax Cuts and Jobs Act.
That's where your tax prep fees,unreimbursed employee business
expenses, those have beenpermanently repealed. So that
that's one thing that actuallyhurts, quote, unquote, many
taxpayers. The alternativeminimum tax exemption has been
(25:24):
enhanced.
The estate tax exemption hasbeen increased to $15,000,000,
and a lot of these things takeplace you know, a lot of these
provisions start in 2025 andsome in 2026. So you had a lot
of information here. Definitelysubscribe to our stuff. We're
here to help you out, and starttalking to your tax professional
(25:47):
about how these changes affectyour situation.
John Tripolsky (25:52):
Absolutely. Absolutely. And, Chris, I'm glad
we we took the time to dive intothis. And, again, you know what?
We're gonna do our own damncommercial.
That's what that's what we'redoing here. So I'm gonna I'm
I'll be the one to say it. Wereally we were frankly, we need
the questions that people haveon these topics. And the reason
why I say that, right, is we'redoing our part. We're diving
(26:13):
into this as much as we can.
Chris, obviously, you're you'retaking taking the perspective of
it as the tax pro. Me not beinga tax pro, I'm here for the non
hilarious comic relief half thetime, and I push the record
button on the podcast. That'skind of my role here. But I tend
to try to take the taxpayer viewon. So that's why, like, me and
Chris, I think we have a goodlittle synergy going on with
(26:35):
these.
But, honestly, from anybodywatching, listening, this has
been shared with anything, sendus the questions you have on
these. We know you have them.Send them. Even if we don't
directly respond to you with ananswer, which we probably will,
that's that literally is whatdrives our content. And I think
with this taking place, thisliterally being the biggest
change, well, some of us mayever see in our lifetimes as far
(26:57):
as for tax goes.
Your questions are exactly whatwe need to hear to answer them
in the order of what people havethem in, if that makes sense.
So, basically, what I'm saying,don't be lazy. Don't feel that
you can't reach out with aquestion, Chris, you mentioned.
Join the defeating taxes privateFacebook group. Drop a comment
in there anonymously.
Even if you don't ask aquestion, give us topic ideas
(27:19):
from it. Because this bill,1,100 pages, we have enough
stuff to go through. We'll findan answer. And if we don't have
it, we don't know enough aboutit. We're gonna bring somebody
on that does.
So case in point, it's happenedmany times. We love it. We love
doing this. Hopefully, everybodyI mean, we see it by the
numbers, the download numbers.People love listening to this,
and and we're honored for that.
But definitely log on to toYouTube. Send us that stuff.
(27:44):
Subscribe. Share with a friend.Again, as Chris mentioned, this
is impacting pretty mucheverybody that pays taxes.
And even if you don't pay themnow, you're gonna pay them
eventually, and you're stillgonna be impacted by it. So
there's no running from this.Right. Unless you leave unless
you move out of the country andtake residence and know the
ocean. That's a different story.
Chrius Picciurro, CPA (27:58):
But There's a lot of rules with
that. You can't just yeah. Thatthat's a
John Tripolsky (28:02):
Yeah. I should've I should think you
even said that because that's awhole thing. Yes. So, yeah,
don't go don't go try to dothat. Don't listen to things I
say.
But as always, as we close thisout with, I mean, we love doing
this. Again, thank you everybodyfor kinda following along on
this little journeys, you know,with us. And, again, think about
this. We went, Chris, a 144episodes ago. We decided, hey.
(28:24):
Let's do a podcast. Who knows?We'll listen to it, but we'll
give it a whirl anyways. Grabbeda pizza box, folded in half,
clipped a mic on top of it, andwe went for it. And now we're,
you know, leaps and boundsgrown, and we love this stuff.
So thank you everybody for alongfor the ride here again, and
we'll see everybody back hereagain on the teaching tax flow
podcast. Different date, sameday of the week, completely
(28:47):
different topic except for nextweek. Semi related. So have a
great week, everybody. Thankyou.
Disclaimer (28:56):
The content provided is for educational purposes
only. We encourage you to seekpersonalized investment advice
from your financialprofessional. For all tax and
legal advice, please consultyour CPA or attorney. Investment
advisory services are offeredthrough Cabin Advisors, a
registered investment advisor.Securities are offered through
Cabin Securities, a registeredbroker dealer.
The content of this podcast doesnot constitute an offer of
(29:17):
securities. Offerings can onlybe made through an offering
memorandum, and you shouldcarefully examine the risk
factors and other informationcontained in the memorandum.
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