Discover the most important Trump tax cuts for individuals in the new Big Beautiful Bill! In this video, we break down the key 2025 tax changes, including the expanded child tax credit, new standard deduction increases, and tax-free overtime income provisions. Learn how these updates could lower your federal income taxes, boost your tax refund, and help you maximize tax savings this year. Whether you're a middle-class taxpayer, high-income earner, or simply planning for the next tax filing season, this guide covers all the individual tax relief measures you need to know. Stay ahead with this full breakdown of the Trump tax plan, how it affects your personal finances, and strategies to keep more of your hard-earned money. Subscribe for more updates on IRS rules, tax tips, and 2025 tax law changes.

#TrumpTaxCuts #BigBeautifulBill #TaxSavings #2025Taxes #ChildTaxCredit #NoFederalTaxOnOvertime #SmartMoneyStephen #TaxTips #PersonalFinance #IRSChanges2025

The video discusses six significant changes in new tax laws. The key points covered include an increase in the SALT deduction cap from $10,000 to $40,000 starting in 2025, exemption from Federal tax on tips up to $25,000 annually, exemption from Federal tax on overtime income up to $12,500 per person, a bonus deduction of up to $6,000 for individuals over 65 years old, a car loan interest deduction up to $10,000 for cars purchased from 2025 to 2028 with final assembly in the US, and an increase in the child tax credit from $2,000 to $2,200 per child. The video emphasizes the importance of tax planning and consulting with a CPA or EA for more details.

00:00 Introduction to New Tax Laws

00:13 Increased SALT Deduction Cap

00:49 No Federal Tax on Tips

01:32 No Federal Tax on Overtime Income

01:53 Bonus Deduction for Seniors

02:08 Car Loan Interest Deduction

02:46 Larger Child Tax Credit

03:01 Conclusion and Tax Planning Tips

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The Locum CPA is hosted by Stephen Lee, a Certified Public Accountant and Certified Private Wealth Advisor®. On this channel, you will find strategic business advice related to locum tenens professionals. Topics to be covered will include how to set up and operate your locum tenens practice to maximize tax deductions, tax savings, pay quarterly estimated taxes and bring overall peace of mind when operating a locums practice.

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