FEFA Financial

Let's celebrate! Who retired on 9/30 and is ready to explore the world (or the couch 😅)?

📢 Big Tax Update: What the One Big Beautiful Bill (OBBBA) Means for You

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) became law, delivering sweeping tax reforms for individuals, businesses, and families. Here’s what you need to know:

👨‍👩‍👧 For Families & Individuals
• Lower tax rates & bigger standard deduction → now permanent
• Extra deduction of $6,000 per person age 65 and older with income phaseouts (2025-2028)
• Child Tax Credit boosted to $2,200 per child (and keeps growing with inflation)
• SALT deduction cap temporarily raised to $40,000 with income phaseouts (through 2029)
• Workers can deduct up to $25k in tips + $12.5k in overtime (2025–2028)
• Estate tax exemption jumps to $15M per person in 2026

🏢 For Businesses & Investors
• 100% bonus depreciation + full expensing for R&D 🔧
• Easier interest deductions (up to 30% of EBITDA)
• Opportunity Zones get new perks: 5-year rolling deferral + 10% basis bump
• Higher FSA limits + new rules for exec comp starting 2026

💡 What this means:
While the bill offers generous breaks, the fine print could create headaches if you’re not prepared. Feel free to reach out! Our advisors can help you navigate these planning strategies and much more as changes roll out.

Thanks to U.S. Coast Guard Sector Upper Mississippi River for inviting us out to celebrate National Coast Guard Day yesterday! Honored to support our local sector and their families with some refreshments and gear.

Happy 235th birthday to the U.S. Coast Guard, and here's to many more! 🎉 ⚓

12 days of end of the year retirement tips consolidated down to one, 60 second post:

1. Maximize your retirement contributions in your employer-sponsored plan
2. Set your contributions for next year based on the new limits
3. Spend your remaining FSA balance
4. Make sure you have accurate beneficiaries on all accounts
5. Make sure you have the following docs (and they are organized): last will and testament, healthcare directive, medical power of attorney, durable power of attorney
6. Review your last will and testament
7. Take RMDs (if applicable)
8. Analyze Roth conversion
9. Ensure your portfolio is in line with your risk tolerance
10. Rebalance your investment allocation
11. Consider 529 plan contributions
12. Make any charitable donations

We are happy to help with almost all of these, so comment below if you want to set up a time to talk to us!

Remembering those who sacrificed so much.