There were a lot of new tax laws that came out of the One Big Beautiful Bill that could affect how you do your taxes this season.

In our latest webinar, Rethinking Your Tax Planning Under the New Tax Laws, we walked through what changed and what didn’t and how the new bill might affect you.

Evans May Advisory Managing Advisor, Owen Pryor, CPA and Evans May Wealth Financial Advisor, Darin Riddle, CFP®, CWS®, AAMS® led the conversation and walked through topics, including:

 

🗝️ “No tax on Social Security”: What is this really and how does it affect you?

🗝️ Trump Accounts: Who is eligible? How do they work?

🗝️ Tax Bracket & Estate Tax Exemption Permanence: How will this work now and is it actually permanent?

🗝️ Roth Catch-Up Contribution Requirements: Who’s affected? How should you plan around this?

🗝️ SALT Deduction Increase: What opportunities are here? How should you respond (i.e. start tracking your deductions again)?

🗝️ New Charitable Deduction Rules & Deduction Floor: How does this change charitable gifting strategies, if at all?

🗝️ Increased Uses for 529 Plans: What can you do with overfunded 529 plans?

 

▶️ If you missed the live webinar, watch the replay below or on our YouTube channel here!

 

Questions Covered:

00:00 Intro

02:28 What is the Big Beautiful Bill?

03:21 “No Tax on Social Security”: What is that? How does that affect people?

05:53 “No Tax on Social Security/Tips/Overtime”: Is that permanent or is it set to expire?

07:55 Trump Accounts: What are Trump accounts? What do we know about them so far?

11:22 Trump Accounts: Can you share about the tax document that needs to be completed when you’re doing your 2025 tax returns this year?

12:04 Tax Brackets & Estate Exemption Amounts: What did the Big Beautiful Bill change?

15:54 Charitable giving: What changed with charitable giving and what didn’t from the Big Beautiful Bill?

18:59 What are the new rules around standard deductions?

22:22 Roth Catch-Ups: What are the new rules regarding Roth catch-up contributions and how does that affect you?

25:19 529s: What are the expanded uses for 529s? What do I do with unused funds or if I overfund 529s?

29:18 Is there anything that people can be doing now to help them with their 2025 taxes?

Questions Submitted Live:

35:50 Is there a resource that you would recommend for taxpayers to find out more information about legislative updates at the state level?

37:14 What is your experience with using AI for tax-related questions? Is it a reliable resource?

40:10 When should I expect my 2025 tax documents to be available?

43:04 Bottom line, is the Big Beautiful Bill beneficial to those with relative wealth? We know that the primary beneficiaries are those in low-income brackets.

45:22 Any new tax changes which are important for new retirees?

49:51 Does the Trump account convert to a regular IRA for a child who turns 18? If so, can the child convert the account to a Roth account at that time?

Securities offered through Sanctuary Securities, Inc., Member FINRA, SIPC. Advisory services offered through Sanctuary Advisors, LLC., an SEC Registered Investment Advisor. Evans May Wealth is a DBA of Sanctuary Securities, Inc. and Sanctuary Advisors, LLC.
Accounting and tax services are offered exclusively by Evans May Advisory, a separate and distinct entity from Evans May Wealth, Sanctuary Advisors, LLC, and Sanctuary Securities, Inc. (Sanctuary Wealth). Evans May Wealth and Sanctuary Wealth client agreements do not extend to services provided by Evans May Advisory. Evans May Advisory client agreements do not extend to services provided by Evans May Wealth. Neither Evans May Wealth nor Sanctuary Wealth provides tax or accounting advice. Evans May Advisory does not provide investment advisory services. Accounting and tax services are offered exclusively by Evans May Advisory, a separate and distinct entity from Evans May Wealth, Sanctuary Advisors, LLC, and Sanctuary Securities, Inc. (Sanctuary Wealth).