Wealth Design Group

09/11/2025

08/07/2025

The BBB Act increases estate and gift tax exemptions to $15 million for single filers and $30 million for those filing jointly. Plus, charitable contributions up to $1,000 for single filers and $2,000 for those filing jointly can now be deducted without itemizing.

Let's chat if you want more information before you meet with your tax professional.

Source: IRS.Gov, July 14, 2025

08/04/2025

Business owners, take note! The BBB Act permanently establishes the 20% qualified business income deduction for sole proprietorships, partnerships, and S-Corps. It also restores 100% expensing for capital investments and raises the 1099-K reporting threshold to $20,000/200 transactions.

Let's chat if you want more information before you meet with your tax professional.

Source: IRS.Gov, July 14, 2025

07/31/2025

Two of the most written about items from the BBB Act by far. "No tax on tips" creates a $25,000 deduction for tip income, while "no tax on overtime" offers a $12,500 deduction for overtime pay for single filers and a $25,000 deduction for those filing jointly. Both run from 2025-2028 with income phase-outs.

Let's chat if you want more information before you meet with your tax professional.

Source: IRS.Gov, July 14, 2025

07/28/2025

The BBB Act offers a $10,000 deduction on new car loan interest (2025-2028) - but the car must be brand-new AND final assembly must be in the U.S. Income limits apply too. Meanwhile, most credits end September 30, 2025.

Let's chat if you want more information before you meet with your tax professional.

Source: IRS.Gov, July 14, 2025

07/24/2025

Parents, the BBB Act has some wins for your family. Child tax credit increases to $2,200 (from $2,000) with cost-of-living adjustments. Plus, babies born 2025-2028 get a $1,000 government contribution to a new American Family Account. And 529 plans now cover more K-12 expenses with higher limits.

Let's chat if you want more information before you meet with your tax professional.

Source: IRS.Gov, July 14, 2025

07/21/2025

The BBB Act introduces a $6,000 bonus deduction for filers 65 and up (on top of your standard deduction). Available 2025-2028, but phases out starting at $75,000 (single) or $150,000 (married) and eliminates completely at $175,000/$250,000.

Let's chat if you want more information before you meet with your tax professional.

Source: IRS.Gov, July 14, 2025

07/16/2025

Big news! The One Big Beautiful Bill Act extended key tax rates from the 2017 Tax Cuts and Jobs Act. Your tax rates of 12%, 22%, 24%, 32%, and 37% are staying put instead of reverting to higher rates. Plus, standard deductions increased to $15,750 (single) and $31,500 (married filing jointly) effective immediately through 2028.

Let's chat if you want more information before you meet with your tax professional.

Source: IRS.Gov, July 14, 2025