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Episode 224: Breaking Down the Big Beautiful Bill: What You Need to Know

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Manage episode 493862155 series 3502811
Content provided by David Chudyk. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by David Chudyk or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

As always, please contact me to connect. Whether it's to chat about this week's podcast episode or anything else on your mind: David's Calendar

Takeaways:

  • The Big Beautiful Bill is a massive 900-page law that includes tax reforms and spending changes.
  • One major change is the extension of the 2017 tax cuts for individuals, which helps many taxpayers.
  • Seniors will benefit from an additional $6,000 exemption, providing them with more tax relief.
  • Another key point is the introduction of a tax credit for contributions to scholarship organizations.
  • The standard deduction has increased by 10%, making it easier for many to reduce their taxable income.
  • It's crucial to consult with a CPA for tax planning to maximize benefits from the new law.

Links referenced in this episode:


  continue reading

229 episodes

Artwork
iconShare
 
Manage episode 493862155 series 3502811
Content provided by David Chudyk. All podcast content including episodes, graphics, and podcast descriptions are uploaded and provided directly by David Chudyk or their podcast platform partner. If you believe someone is using your copyrighted work without your permission, you can follow the process outlined here https://podcastplayer.com/legal.

As always, please contact me to connect. Whether it's to chat about this week's podcast episode or anything else on your mind: David's Calendar

Takeaways:

  • The Big Beautiful Bill is a massive 900-page law that includes tax reforms and spending changes.
  • One major change is the extension of the 2017 tax cuts for individuals, which helps many taxpayers.
  • Seniors will benefit from an additional $6,000 exemption, providing them with more tax relief.
  • Another key point is the introduction of a tax credit for contributions to scholarship organizations.
  • The standard deduction has increased by 10%, making it easier for many to reduce their taxable income.
  • It's crucial to consult with a CPA for tax planning to maximize benefits from the new law.

Links referenced in this episode:


  continue reading

229 episodes

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