In this episode, I break down the key changes we can expect in the 2025 Republican tax bill and what they might mean for you. With a Republican majority in Congress and President Trump back in office, major tax reforms are likely on the horizon—think lower individual tax rates staying in place, a potential repeal or increase of the SALT deduction cap, and a higher child tax credit. Business owners could see an expanded QBI deduction and the return of 100% bonus depreciation, while there’s also talk of eliminating taxes on tips, overtime, and Social Security benefits. Plus, clean energy tax credits may be on the chopping block, and estate tax changes are on the table. Tune in as I walk through what’s coming, how it could impact your finances, and what to keep an eye on as the bill takes shape later this year!

Key Takeaways:

• The lower individual tax brackets from the 2017 Tax Cuts and Jobs Act (TCJA) are expected to become permanent, avoiding the scheduled 2026 increase.

• The 20% deduction on qualified business income (QBI) is expected to remain and could increase to 30% or 35%, benefiting small business owners.

• There’s discussion about making tips, overtime pay, and Social Security benefits tax-free, though this remains uncertain

• Credits for electric vehicles, solar panels, and other green energy incentives are likely to be phased out or eliminated altogether.

• The final bill is expected mid-2025, so individuals and businesses should monitor changes closely to adjust tax strategies before year-end. Stay tuned for updates!

Key Timestamps:

(00:00) – Overview of Expected Tax Changes

(02:30) – SALT Tax Exemption Changes

(04:17) – Enhanced Standard Deduction

(05:08) – Enhanced Child Tax Credit

(06:13) – Qualified Business Income Deduction

(07:47) – Reintroduction of 100% Bonus Depreciation

(09:03) – Miscellaneous Income Tax Changes

(10:05) – Removal of Clean Energy Credits

(11:03) – Estate Taxes and Conclusion

Key Topics Discussed:

BLUF Veteran Finance Podcast, Military Finance, Veteran Financial Planning, Military Money Management, VA Benefits, Military Retirement Planning, Financial Literacy for Soldiers, Military Budgeting Tips, Debt Management for Service Members, VA Loans, Military Investment Strategies, Saving for Deployment, Thrift Savings Plan (TSP), Transitioning to Civilian Life, Military Tax Benefits, Financial Independence for Veterans, Military Money Manual, The Military Money Show, tax changes, estate taxes, EV tax credits, solar panels, green energy incentives, SALT, Tax Cuts and Jobs Act, President Trump, Republican majority

More of Baskin Financial Planning:

Download the Ultimate Military Finance Checklist⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠, with 7 pages of critical things to be thinking about to clarify your journey to financial freedom.

Think you might need some financial help? ⁠⁠⁠⁠⁠Book an intro call with me to see if we would be a mutual fit.

Questions or comments, drop me a note at: erik@baskinfp.com

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