How will the New Tax Bill Affect Your Bottom Line?

In this episode, Timothy P. Pope, CFP®, discusses the newly signed "One Big Beautiful Bill Act" (OBBBA), breaking down the key tax changes and how they'll directly affect your bottom line. Tim explains the impact of maintaining current tax brackets, the increased standard deduction, and significant enhancements to State and Local Tax (SALT) deductions. He covers new provisions for charitable deductions, expanded child tax credits, and special interest deductions on U.S.-assembled vehicles. Additionally, Tim details the substantial improvements to 529 education savings plans and their greater flexibility moving forward.

What You'll Learn from This Episode

• Unchanged Tax Brackets: Why maintaining current brackets impacts your tax planning and financial strategies.
• Higher Standard Deductions: Understand the new deduction levels and how they apply based on your filing status.
• SALT Deduction Increase: Details on the jump to a $40,000 limit and phase-out thresholds starting at certain AGI levels.
• Charitable Contributions: How even non-itemizers can benefit from deductions of up to $2,000.
• Child Tax Credit Boost: Explanation of the credit increase to $2,200 per child and the associated AGI phase-out.
• Vehicle Interest Deduction: Insight into the tax incentives for financing U.S.-assembled vehicles.
• 529 Education Savings Expansion: Review major improvements, including higher withdrawal limits and new Roth IRA rollover opportunities.

Resources:
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This episode is sponsored by: Beacon Relocation

Beacon Relocation is a real estate firm helping pilots and air traffic controllers save money on their real estate transactions. By tapping into their network of over 1500 real estate agents across the country, pilots can save 20% of the real estate agent’s commission towards your closing cost on the sale or purchase of your home. Visit https://www.beaconrelocation.com/ to learn more. 

Timothy P. Pope is a Certified Financial Planner™and principal owner of 360 Aviation Advisors, LLC (“360 Aviation Advisors”), a registered investment advisory firm. Investment advisory services are provided through 360 Aviation Advisors, in its separate and individual capacity as a registered investment adviser. Podcast episodes are provided through Pilot’s Portfolio, in its separate and individual capacity.

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