The Long Game Big Beautiful Bill Summarized: Tax Cuts, Tips, SALT Caps, PTET, and More
Jul 11, 2025
In this discussion, tax expert Roger Ledbetter shares his deep knowledge of the recent tax bill and its effects on individuals and businesses. He simplifies complex topics like new individual tax rates, significant deductions for tips and car loans, and the implications for Opportunity Zones. Listen as he reveals the latest changes around gambling losses and estate exemptions, while also outlining the strategic advantages of Qualified Small Business Stock. Roger's practical insights make navigating the evolving tax landscape feel more manageable!
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SSTB Phaseouts Were Relaxed
- S‑STB phaseouts widened (thresholds rose), letting more service professionals claim QBI.
- The 23 changes many feared did not materialize, preserving current QBI rules.
Use PTET To Work Around SALT Caps
- Consider PTET elections where state rules allow to bypass SALT limits for high state taxes.
- If you are a partnership or S‑Corp with large state tax bills, evaluate PTET before year deadlines.
Calendar PTET Elections And Payment Dates
- Track each state's PTET deadlines and payment rules closely and calendar them for clients.
- Missing PTET elections or payments can eliminate the federal deduction and cost clients materially.