The Rich Somers Report The One Big Beautiful Bill: How the Biggest Tax Cuts in History Affect You | Amanda Han E373
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Jul 17, 2025 Amanda Han, a tax strategist at Keystone CPA, shares her expertise on the sweeping new tax changes now in effect. She explains how the recent tax cuts benefit everyone, from gig economy workers to real estate investors. Listeners learn about 100% bonus depreciation, tax-free overtime income, and potential write-offs for luxury vehicles. Han also offers creative strategies like retiring a spouse to save big and setting up a "Trump Account" for kids to build generational wealth. It’s a must-listen for anyone looking to optimize their tax strategy!
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Use 20% Business Income Deduction
- Utilize the Qualified Business Income deduction to exclude up to 20% of your business income from taxes.
- This deduction applies widely, including doctors, consultants, influencers, and real estate investors.
No Tax on $25K Tips
- Report tips but get a deduction to make up to $25,000 in tip income tax-free.
- This applies to both W-2 employees and gig 1099 workers like Uber drivers, a new tax break for tip earners.
Tax-Free Overtime Income
- Overtime income is tax-free up to $12,000 for individuals and $25,000 for married couples.
- Ensure your W-2 separately reports overtime pay to qualify for this tax-free benefit.