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“One Big Beautiful Bill” and 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”)?
The Mundell Group 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 330-854-6555 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.