How To Lower Your Tax Bill Episode 27

How to Lower Your Tax Bill by Terrance Hutchins

24:04
Episode notes

One Big Beautiful Bill, Part 2: Advanced Opportunities & Loopholes for Savvy Taxpayers

Host Terrence Hutchins and returning guest David Stevens shift from “what changed” to “how to exploit it.” This follow-on conversation mines the fine print of the “One Big Beautiful Bill,” surfacing planning angles that tipped employees, high-income coastal professionals, and growth-minded business owners can act on right now.

Key takeaways

  1. SALT cap relief—finally a workaround Deduct up to $40 k of state & local taxes (phasing out above $500 k AGI) through 2030; pair it with strategic charitable giving to stack deductions.
  2. Tip & overtime exclusions First $25 k in combined tips/overtime ($12.5 k single) is off-limits to the IRS for earners under $300 k  ... 
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