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Unpacking Trump’s New Tax Law: What You Need to Know About the One Big Beautiful Bill Act
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In this episode of the Sunlight Tax podcast, I talk about Trump’s new tax law, officially called the “One Big Beautiful Tax Bill.” I break down its key points, how it impacts different income groups, the updates to clean energy tax credits, and what it means for self-employed people and freelancers.
I also emphasize why it’s so important to understand tax laws, and I encourage you to share this information with anyone who might benefit from it.
Listen and Subscribe Here
In this episode of the Sunlight Tax podcast, I talk about Trump’s new tax law, officially called the “One Big Beautiful Tax Bill.” I break down its key points, how it impacts different income groups, the updates to clean energy tax credits, and what it means for self-employed people and freelancers.
I also emphasize why it’s so important to understand tax laws, and I encourage you to share this information with anyone who might benefit from it.
Also mentioned in this episode:
01:00 Introduction to the New Tax Bill
04:13 Overview of the Tax Bill's Key Points
11:49 Impacts on Low-Income and Wealthy Households
18:55 Changes to Environmental Credits and Clean Energy
19:50 Implications for Self-Employed and Freelancers
Takeaways
The new tax bill is officially called the 'one big beautiful tax bill.'
I aim to provide clear, fact-checked information about tax laws.
The bill extends provisions from the Tax Cuts and Jobs Act of 2017.
It is expected to increase the federal deficit by $3 to $4 trillion.
The bill primarily benefits households with incomes over $500,000.
Medicaid cuts are expected to save $900 billion.
The child tax credit has been increased from $2,000 to $2,200.
Many environmental tax credits from the Inflation Reduction Act have been eliminated.
Self-employed individuals will maintain the qualified business income deduction.
If you enjoyed this episode, please rate, review and share it!
Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.
Other Sunlight Tax podcast episodes about OBBBA:
Breaking Down Trump’s New Tax Law: Cars, New Loan Interest Deduction, and Expiring Energy Credits
New Tax Bill: No Tax on Tips, No Tax on Overtime, and New Deduction for Seniors
New Tax Bill: Student Loans: New borrowing limits, changes to repayment plans
Links:
Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.
Link to pre-order my workbook, Taxes for Humans: The Workbook
Get your free visual guide to tax deductions
The Child Care Tax Credit
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Today, I’m sharing important details about the Child and Dependent Care Tax Credit particularly focusing on its relevance for parents during the summer months when childcare costs can be significant. I’ll share how you can use it during the summer months when sending your children to summer camp.
I’m also talking about the difference between a tax credit and a tax deduction and why a credit is more beneficial to the taxpayer.
Join me in this episode to learn how you can take advantage of this tax credit and how it can apply to you.
Listen and Subscribe here
Today, I’m sharing important details about the Child and Dependent Care Tax Credit particularly focusing on its relevance for parents during the summer months when childcare costs can be significant. I’ll share how you can use it during the summer months when sending your children to summer camp.
I’m also talking about the difference between a tax credit and a tax deduction and why a credit is more beneficial to the taxpayer.
Join me in this episode to learn how you can take advantage of this tax credit and how it can apply to you.
Also mentioned in today’s episode:
01:08 Understanding the Child and Dependent Care Tax Credit
04:00 Exploring Summer Camp and Tax Benefits
11:00 Eligibility and Application for the Tax Credit
Takeaways
The Child and Dependent Care Tax Credit helps working parents with childcare costs.
This credit is different from the child tax credit.
Summer camp expenses can qualify for the tax credit.
The credit allows for a percentage of childcare expenses to be claimed.
Tax credits are more beneficial than tax deductions.
Eligibility for the credit requires earned income or full-time student status.
Unemployment income does not count as earned income for this credit.
Both spouses must file jointly to claim the credit if married.
It's important to keep records of care providers for tax purposes.
If you enjoyed this episode, please rate, review and share it!
Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.
Links:
VVRKSHOP, Paddy Johnson: https://www.vvrkshop.art/
Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.
Get your free visual guide to tax deductions
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