Season 2 Episode 7 - OBBBA & End of Year Planning with Paul Allen
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Season 2 Episode 7 - OBBBA & End of Year Planning with Paul Allen
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In this conversation, Amy and Mike welcome back Paul Allen from PymTax to discuss the One Big Beautiful Bill Act (OBBA) and its implications for military families and retirees. They explore various tax changes, including the auto loan interest deduction, expanded child tax credit, and the SALT cap increase. Paul provides insights on charitable contributions, end-of-year tax planning, and the importance of preparing for the upcoming tax season. The discussion emphasizes the need for proactive tax strategies and awareness of new deductions and changes in tax law.
Chapters
00:00 Introduction to the One Big Beautiful Bill Act
02:40 Impact on Military Families
04:25 Considerations for Military Retirees
06:21 Understanding the SALT Cap
08:28 Charitable Contributions Changes
11:34 Surprises and Overlooked Opportunities in OBBA
16:57 End of Year Tax Planning
19:13 Roth Conversions and Phase Out Limits
22:12 Preparing for 2026 Tax Year
23:47 Final Thoughts and Action Items
Takeaways
The One Big Beautiful Bill Act has specific provisions for military families.
Auto loan interest deduction will be available for new vehicles in 2025.
Expanded child tax credit will benefit many military families with children.
The SALT cap increase will primarily benefit higher income earners.
Charitable contributions will have a new 0.5% floor starting in 2026.
Planning ahead for taxes is crucial to avoid last-minute stress.
Be aware of the IRS's staffing issues and potential delays this tax season.
Roth conversions can be beneficial but should be approached carefully.
Understanding state tax implications is important for military retirees.
Organizing financial documents early can streamline tax preparation.
Paul Allen - Pim Tax – https://pimtax.com/
Military Tax Experts Alliance - https://militarytaxexperts.org/
Operation Retirement Readiness: www.operationretirementreadiness.com
Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/
Schedule a consultation with Amy: https://www.instarfp.com/contact
Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.