In this inaugural episode of Living Your Wealth: Today and Tomorrow, host Kelly Ennis, founder of Infinity Financial Strategies, breaks down one of the most sweeping tax reforms in recent history—the One Big Beautiful Bill Act (OBBBA). Signed into law on July 4, 2025, this legislation extends many provisions from the 2017 Tax Cuts and Jobs Act while introducing a host of new deductions, retirement rules, and planning opportunities.
Kelly walks through how these updates affect individual taxpayers, retirees, small business owners, and families—and why smart tax planning from 2025–2028 could unlock significant advantages. Whether you're curious about the new standard deductions or the brand-new "Trump Account" for kids, this episode sets the foundation for navigating the future of tax planning with confidence.
Key Points From This Episode:
(00:00) Welcome to the show and what to expect from Living Your Wealth.
(00:20) Overview of the One Big Beautiful Bill Act (OBBBA) and why it matters.
(01:05) Why tax planning is now more complex—with new brackets, phaseouts, and deadlines.
(01:30) Individual tax brackets and standard deductions made permanent or expanded.
(02:32) SALT deduction cap raised, mortgage interest now permanently deductible.
(03:36) Qualified Business Income (QBI) deduction expanded with new $400 minimum.
(04:40) Five new deductions available even for non-itemizers (tips, overtime, auto loans, etc.).
(06:11) Retirement and savings changes, including the new Trump Account for minors.
(06:52) Estate tax exemption increases; proactive AMT and charitable planning suggested.
(08:00) Final thoughts: Take advantage of the window from 2025–2028 for tax strategy wins.
Links:
Learn more at: https://infinityfinancialstrategies.net
Follow Kelly on LinkedIn: https://www.linkedin.com/in/kelly-ennis-cfp
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