07/05/2025
📣 ATTN: My Tax Clients — Here’s What That New Bill Means for YOU:
Congress just passed a massive bill (aka the “One Big Beautiful Bill”) and here’s how it could affect your taxes:
💵 You might save money if…
✅ You get tips or work overtime — those could now be tax-free.
✅ You get Social Security — you may get to deduct more of it.
✅ You itemize deductions — you can now write off up to $40,000 in state & local taxes (SALT).
✅ You own a small biz — more deductions and savings for business owners and side hustlers.
🚨 BUT here’s the catch…
❌ If you or someone in your household gets Medicaid or SNAP (food stamps), there are now work requirements that could cut you off.
❌ If you live in a rural area or depend on clinics/hospitals that take Medicaid — they may lose funding or shut down.
❌ Child tax credit was supposed to go up… but it didn’t. It’s stuck at $2,200 for now.
📊 Bottom Line:
EVERYBODY needs a plan 📝
