From expanded deductions and extended rate cuts to new credits and planning strategies, Gina Lee, Renee Tiun, and Chris Klug walk us through what individuals and families need to know under the One Big Beautiful Bill Act (OBBBA).

This episode walks us through major updates including:

• Permanent individual income tax rate cuts and marriage penalty relief

• Enhanced standard deductions and planning strategies for itemized deductions
• Changes to the child tax credit, dependent care credit, adoption credit, and 529 plans
• New provisions like the “Trump Account,” car loan interest deduction, and charitable giving updates
• AMT adjustments, estate and gift tax exemption increases, and remittance transfer rules
• Permanent revival of Qualified Opportunity Zones and much more

Whether you're a U.S. citizen, green card holder, or tax planner, this episode offers practical guidance to help individuals navigate the ACT and avoid unexpected tax consequences. Tune in for a discussion on the most significant changes—and gain practical insights to help navigate tax planning under the new law.

Disclaimer:

This podcast is for informational purposes only and does not constitute legal advice. Listening to this podcast does not create an attorney–client relationship. For advice on your specific situation, please reach out to the Basswood Counsel team or consult a qualified attorney.