Ep. 28 | One Big Beautiful Bill Review
Download MP3About the Guest: Kelly Bender
Kelly is an Enrolled Agent based in Pennsylvania, recognized for her dynamic presentations and entrepreneurial mindset in the tax profession. With extensive experience in teaching tax updates and a passion for aiding entrepreneurs and accountants to enhance their business efficiency, Kelly is also a podcast host and participates in educational sessions nationwide.
Kelly is an Enrolled Agent based in Pennsylvania, recognized for her dynamic presentations and entrepreneurial mindset in the tax profession. With extensive experience in teaching tax updates and a passion for aiding entrepreneurs and accountants to enhance their business efficiency, Kelly is also a podcast host and participates in educational sessions nationwide.
Episode Summary:
Join John Tripolsky and Chris Picciurro in this insightful episode of the Mr. R Show, brought to you by the MRR Institute, as they delve into intricate tax strategies designed for professionals aiming to scale their practice. This session targets specific provisions from the 'One Big Beautiful Bill Act' (OB3) that promise transformative impacts on individual tax filing. Special guest Kelly Bender enriches the conversation with her entrepreneurial approach, discussing fundamental shifts in tax provisions, including the introduction of a car loan interest deduction and a temporary senior deduction, incentivizing better tax deductions for practitioners' clients.
Over the course of the discussion, the focus shifts towards practical implementations and future considerations within the tax landscape — providing a comprehensive breakdown of temporary vs. permanent provisions in OB3. Topics include adjustments to tax brackets, child tax credits, and notable insights into new educational incentives like expanded 529 plans benefits and health savings accounts. Kelly's considerable experience underscores the importance of proactive client communication and rate adjustments for practitioners to match the rising complexity within the industry. The episode concludes by highlighting key planning opportunities for optimizing tax outcomes efficiently.
Key Takeaways:
- Expanded Tax Provisions: Analyzed key OB3 changes, including the car loan interest deduction and temporary senior deduction, enhancing individual tax strategies.
- Tax Bracket Stability: Permanent expansions in tax bracket structures ensure clarity and planning consistency for practitioners.
- Child and Dependent Care: Enhanced credits and FSAs reflect current economic and educational priorities, aimed at supporting American families.
- Entrepreneurial Insights: Kelly Bender shared invaluable insights on how practitioners can enhance value through informed rates and strategic client engagement.
- Future of Tax Planning: Emphasis on incorporating new rules into practice to leverage opportunities in 25-28 tax planning initiatives.
Notable Quotes:
- "This OB3 is packed with changes, especially the car loan interest and senior deductions, promising significant savings." — Kelly Bender
- "HSAs might just be my favorite tax provision, allowing triple tax advantages perfect for future savings strategies." — Kelly Bender
- "With these permanent changes to tax brackets, practitioners can better plan with foresight and certainty." — Chris Picciurro
- "Raise your rates. You're in the upper echelon of professionals; ensure you're valuing your services appropriately." — Kelly Bender
- "The educational expansions coming are set to fundamentally shift professional development." — Kelly Bender
Explore these tax strategies and insights further by tuning into the full episode! Stay connected with the Mr. R Show for more informative discussions and updates in the world of tax and accounting.
Subscribe today to ensure you don't miss out on future episodes filled with expert knowledge tailored for tax professionals.
- (00:00) - Exploring Individual Tax Provisions in the OB3 Act
- (02:12) - Balancing Family and Business in Tax Practice
- (08:18) - New Tax Deductions and Their Implications for Taxpayers
- (16:24) - Tax Implications of Overtime Pay for Hourly Workers
- (20:15) - Tax Planning Opportunities for Seniors and Practitioner Challenges
- (27:59) - Aging, AARP, and Benefits of Being 50 and Older
- (29:35) - Tax Code Changes and Their Impact on Families
- (36:31) - Maximizing Child Care Benefits Through Tax Credits and FSAs
- (41:46) - Middle Income Challenges with Income Limitations and Credits
- (42:56) - Expanding 529 Plans: New Uses and Benefits
- (45:03) - The Expanding Benefits and Flexibility of Health Savings Accounts
- (49:40) - Navigating Tax Changes: Permanent Brackets and Temporary Deductions
- (53:03) - Upcoming Tax Changes and Their Implications for Professionals
- (01:01:15) - Elevating Tax Professionals Amidst Industry Changes
