Wealth Design Group

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

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

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

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