New tax rules can look like a gift—and still come with strings. In this episode, we dig into the updates that actually move the needle: a stronger below-the-line deduction for seniors, a temporary SALT cap increase to $40,000, and the return of 100% bonus depreciation. Along the way, we map the tradeoffs that don't show up in glossy summaries: when a short-term deduction phases out your bigger strategy, how depreciation recapture can turn today's win into tomorrow's bill, and why cash flow and liquidity matter more than shiny assets.
We start with retirees, where the enhanced senior deduction can deliver real savings if you manage income from Social Security, RMDs, and taxable brokerage accounts carefully. For many, the biggest decision is whether to slow Roth conversions to stay under phaseouts or press ahead to reduce future RMDs. Then we turn to the SALT expansion. If you've been capped out at $10,000, this window could restore itemizing power—especially in high-tax states or for households juggling property taxes, state estimates, and vehicle fees.
Business owners get powerful tools back, but they're not free. We unpack Section 179 changes and the restoration of 100% bonus depreciation, including real-world pitfalls like the "truck trap" that drains liquidity and builds a balance sheet full of depreciating assets. For founders with scale ambitions, we flag QSBS as a potential game changer when executed correctly.
We also touch on the proposed "Trump accounts" for kids, where ownership, control, and behavior matter more than headlines, plus targeted tweaks for tipped workers, overtime, and family credits—and why payroll coding and documentation can make or break eligibility.
KEY TOPICS:
Enhanced senior deduction and phaseouts
Roth conversions vs near-term deductions
SALT cap raised to $40K: who benefits
100% bonus depreciation is back
Depreciation recapture and liquidity traps
"Trump accounts" ownership risks
Tips, overtime, and family credit changes
Find Du Charme Wealth Management here:
https://ducharmewealth.com
Phone:
(435) 288-3396
[00:00:00] Disclaimers And Setup
[00:05:00] Roth Conversions Versus New Senior Break
[00:11:20] Enhanced SALT Deduction To 40k
[00:16:45] "Trump Accounts" For Kids
[00:20:35] Ownership, Behavior, And Wealth Transfer Risks
[00:27:45] Depreciation Recapture And Long-Term Costs
DISCLAIMER:
Information presented on this program is believed to be factual and up-to-date, but we do not guarantee its accuracy, and it should not be regarded as a complete analysis of the subjects discussed. Discussions and answers to questions do not involve the rendering of personalized investment advice, but are limited to the dissemination of general information. A professional advisor should be consulted before implementing any of the options presented. Encompass More Asset Management LLC is a registered investment adviser with the U.S. Securities and Exchange Commission (SEC) and only transacts business in states where it is properly registered, or is excluded or exempted from registration requirements.