One Big Beautiful Bill & You
What the new tax bill might mean for your financial strategy.
New tax legislation has been dominating the news, and you may be asking questions like this:
• What’s going to happen to my tax rate?
• What’s the new deduction for people aged 65 and older?
• What’s the new limit for lifetime gift and estate tax exclusions?
• What’s the limit for the state and local tax (SALT) deductions?
• When’s it a good idea to contribute to a Child Savings Account (“Trump Account”)?
Michele Farrell is here to help answer these questions and more. These are more than just changes to the tax law — they’re an opportunity to reevaluate your financial strategy and use these changes to your advantage.
Make an appointment now. Call (818) 539-7712 today.
What’s in the New Tax Law?
You’re a savvy consumer — kudos for taking the time to inform yourself! The new tax law means changes, such as:
• Bigger standard deductions
• Lower tax rates made permanent
• A new $6,000 deduction for people age 65+
• A higher (for now) State and Local Tax (SALT) deduction
• Expanded child tax credits and new savings options
Source: https://www.fidelity.com/learning-center/personal-finance/one-big-beautiful-bill
Be aware some of the benefits for taxpayers do phase out depending on their modified gross income. For more in-depth information, complete the form on this page and receive a white paper, which provides an overview of the new legislation.