TRUMP JUST SIGNED THE “BIG BEAUTIFUL BILL” Here’s the breakdown in plain talk..just facts

MORE MONEY IN YOUR PAYCHECK? Expect MORE in your paychecks. Most households will see LARGER refunds next year.

NEW TAX DEDUCTIONS STARTING 2025:

You’ll now be able to write off: Tips you earned, Overtime pay, Car loan interest (on U.S.-built vehicles), Part of your Social Security income. These apply to the 2025–2028 tax years.

𝐓𝐑𝐔𝐌𝐏 “𝐁𝐀𝐁𝐘 𝐀𝐂𝐂𝐎𝐔𝐍𝐓𝐒” (𝐒𝐓𝐀𝐑𝐓𝐒 𝟐𝟎𝟐𝟓):

Every baby born from Jan 1, 2025, to Dec 31, 2028 will receive a $1,000 government-funded savings account to help build long-term financial stability.

𝐂𝐇𝐈𝐋𝐃 𝐓𝐀𝐗 𝐂𝐑𝐄𝐃𝐈𝐓 𝐈𝐍𝐂𝐑𝐄𝐀𝐒𝐄𝐃:

Starting in 2025, the Child Tax Credit increases to $2,200 per child..more money back for families during tax season.

𝐌𝐄𝐃𝐈𝐂𝐀𝐈𝐃 & 𝐒𝐍𝐀𝐏 𝐀𝐑𝐄 𝐂𝐇𝐀𝐍𝐆𝐈𝐍𝐆 (𝐒𝐓𝐀𝐑𝐓𝐈𝐍𝐆 𝟐𝟎𝟐𝟔):

MEDICAID:

Adults ages 19–64 must work 80 hours/month or participate in training/volunteering. Exemptions only for: Pregnant individuals, Medically frail or disabled, Primary caregivers of children 14 or younger. If your youngest child is 15 or older, work is now required. **If you don’t have a job or can’t find a job, self employment counts if structured or communicated properly. School also counts.

SNAP (Food Stamps): Applies to adults ages 18–64, Exempt if your youngest child is 14 or younger, Once your youngest child turns 15, you must work 80 hours/month to remain eligible. **If you don’t have a job or can’t find a job, self employment counts if structured or communicated properly. School also counts.

𝐌𝐄𝐃𝐈𝐂𝐀𝐑𝐄 𝐈𝐒 𝐒𝐋𝐎𝐖𝐈𝐍𝐆 𝐃𝐎𝐖𝐍:

Starting in 2026: $500 billion in Medicare cuts, Fewer new benefits and likely higher out-of-pocket costs over time

𝐆𝐑𝐄𝐄𝐍 𝐄𝐍𝐄𝐑𝐆𝐘 𝐈𝐍𝐂𝐄𝐍𝐓𝐈𝐕𝐄𝐒 𝐂𝐔𝐓:

Most federal tax credits for solar panels, electric vehicles, and other green energy upgrades are eliminated starting 2025.

𝘽𝙐𝙎𝙄𝙉𝙀𝙎𝙎 𝙊𝙒𝙉𝙀𝙍𝙎 — 𝙍𝙀𝘼𝘿 𝙏𝙃𝙄𝙎:

S-Corps vs. Schedule C: S-corps are still audited far less than sole proprietors. Take that and do what you may. This is not due to the Big Beautiful Bill, it’s IRS history.

What did change: 100% bonus depreciation is back, Immediate R&D expensing, 20% pass-through deduction is now permanent, Higher expensing limits for small businesses, Simplified international tax rules

If you’re structured right and filing taxes right, 2025 could be a GREAT tax year for business owners! This is actually very VERY good news for business owners.