The doctor is in, and she’s unpacking the “one big, beautiful bill” that was just signed into law. On this episode, Dr. Friday gives her first take on the massive tax changes set to take effect in 2025. What does this mean for your family, your business, and your retirement?
Listen in as Dr. Friday discusses the most significant updates, including a huge increase in the SALT deduction, the potential return of the car loan interest deduction, new tax credits for tip and overtime workers, and a major change to how Social Security benefits are taxed for many Americans. While the ink is barely dry and the IRS is still scrambling to create the new forms, Dr. Friday provides the essential information you need to start preparing now. Plus, she answers listener calls about the home sale exclusion, the nuances of the new Social Security deduction, and a crucial update on the Beneficial Ownership (BOI) reporting requirement for businesses.
Here’s a breakdown of what we covered in this episode:
Breaking Down the New 2025 Tax Bill:
Caller Questions & Key Clarifications:
IRS & Tax Filing Advice:
Q: Will my tips and overtime pay be completely tax-free now?
A: Not entirely. The new law creates a tax credit against your federal income tax for tips and overtime pay, up to a certain limit ($1,300 for tips, $1,400 for overtime). This benefit is aimed at lower-income earners, likely those in the 12% tax bracket. You will still owe Social Security and Medicare taxes on this income. Dr. Friday stresses the importance of keeping detailed pay stubs as documentation will be required.
Q: Do I need to file that Beneficial Ownership Information (BOI) report for my small business?
A: This was a key clarification. As of March 21, 2025, the requirement to file the BOI report is voluntary for domestic companies that do not have any fo
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