The "One Big Beautiful Bill" Act And You

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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”)?

O'Neill Asset Management, LLC 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 (616) 884-0337 today.

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WHAT’S IN THE NEW TAX LAW?

THE NEW TAX LAW MEANS CHANGES, SUCH AS:

  • Bigger standard deductions
  • Lower tax rates made permanent
  • A new $6,000 deduction for some people age 65+
  • A higher (for now) State and Local Tax (SALT) deduction
  • Expanded child tax credits and a new savings option

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.