{"id":10153,"date":"2025-07-12T18:00:00","date_gmt":"2025-07-12T18:00:00","guid":{"rendered":"https:\/\/riverbend.objectivebrand.com\/?p=10153"},"modified":"2025-07-09T16:00:07","modified_gmt":"2025-07-09T16:00:07","slug":"big-bill-highlights-fff221","status":"publish","type":"post","link":"https:\/\/riverbend.objectivebrand.com\/?p=10153","title":{"rendered":"Big Bill Highlights-Finger Financial Five #221"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"10153\" class=\"elementor elementor-10153\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-cc426d5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cc426d5\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-cfcd9e7\" data-id=\"cfcd9e7\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-c75ae4e elementor-blockquote--skin-border elementor-blockquote--button-view-icon-text elementor-blockquote--button-skin-classic elementor-widget elementor-widget-blockquote\" data-id=\"c75ae4e\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"blockquote.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<blockquote class=\"elementor-blockquote\">\n\t\t\t<p class=\"elementor-blockquote__content\">\n\t\t\t\t\u201cIn any given moment, we have two options: to step forward into growth or step back into safety.\u201d\n\t\t\t<\/p>\n\t\t\t\t\t\t\t<div class=\"e-q-footer\">\n\t\t\t\t\t\t\t\t\t\t\t<cite class=\"elementor-blockquote__author\">-Abraham Maslow<\/cite>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/twitter.com\/intent\/tweet?text=%E2%80%9CIn+any+given+moment%2C+we+have+two+options%3A+to+step+forward+into+growth+or+step+back+into+safety.%E2%80%9D%0A+%E2%80%94+-Abraham+Maslow&amp;url=https%3A%2F%2Friverbend.objectivebrand.com%2F%3Ffeed%3Drss2\" class=\"elementor-blockquote__tweet-button\" target=\"_blank\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<svg aria-hidden=\"true\" class=\"e-font-icon-svg e-fab-twitter\" viewBox=\"0 0 512 512\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\"><path d=\"M459.37 151.716c.325 4.548.325 9.097.325 13.645 0 138.72-105.583 298.558-298.558 298.558-59.452 0-114.68-17.219-161.137-47.106 8.447.974 16.568 1.299 25.34 1.299 49.055 0 94.213-16.568 130.274-44.832-46.132-.975-84.792-31.188-98.112-72.772 6.498.974 12.995 1.624 19.818 1.624 9.421 0 18.843-1.3 27.614-3.573-48.081-9.747-84.143-51.98-84.143-102.985v-1.299c13.969 7.797 30.214 12.67 47.431 13.319-28.264-18.843-46.781-51.005-46.781-87.391 0-19.492 5.197-37.36 14.294-52.954 51.655 63.675 129.3 105.258 216.365 109.807-1.624-7.797-2.599-15.918-2.599-24.04 0-57.828 46.782-104.934 104.934-104.934 30.213 0 57.502 12.67 76.67 33.137 23.715-4.548 46.456-13.32 66.599-25.34-7.798 24.366-24.366 44.833-46.132 57.827 21.117-2.273 41.584-8.122 60.426-16.243-14.292 20.791-32.161 39.308-52.628 54.253z\"><\/path><\/svg>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-blockquote__tweet-label\">Tweet<\/span>\n\t\t\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/blockquote>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-fd7cb54 elementor-widget elementor-widget-text-editor\" data-id=\"fd7cb54\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>The One Big Beautiful Bill (OBBB) passed the House and Senate.<\/p><p>\u00a0<\/p><h2><strong>Here are a few highlights:<\/strong><\/h2><p>Tax provisions<\/p><ul><li><strong>Permanent extension of the 2017 tax cuts and jobs act (TCJA),<\/strong> which was supposed to expire at the end of this year. This keeps the top income bracket at 37%.<\/li><li><strong>Increased Standard deduction<\/strong>&#8211; $1000 for individuals, $2000 for couples married filing jointly, and a temporary $6000 increase for seniors through 2028. This, in effect, reduces taxes for many people, especially those over 65. This could increase the amount and the benefits of a Roth Conversion for those of 65 years of age.<\/li><li><strong>Car loan interest deduction<\/strong>&#8211; $10,000 deduction of auto loan interest for U.S.-made vehicles, expires 2029.<\/li><li><strong>Increase in child tax credit<\/strong>&#8211; $200 for 2025 and will adjust for inflation in the future.<\/li><li><strong>An increased estate tax exemption<\/strong> \u2013 This was increased from $13.99 million to $15 million for individuals and from $27.98 to $30 million for those married filing jointly.<\/li><li><strong>Savings accounts for newborns<\/strong>&#8211; Accounts will be funded with $1000 from government contributions and are eligible to receive up to $5,000 per year in parental after-tax contributions\u2014more on this in upcoming FFF.<\/li><li><strong>Small business deduction<\/strong>&#8211; Expands the Section 199A deduction for small businesses.<\/li><li><strong>Business incentives <\/strong>\u2013 These include reinstating 100% immediate expensing for machinery, equipment and R&amp;D expenses and allowing full expensing for new factories (to encourage domestic manufacturing).<\/li><\/ul><p>There are some spending cuts that affect Medicaid, the Affordable Care Act, and a few other programs.<\/p><p>\u00a0<\/p><h2>This can affect your financial plan in a few ways:<\/h2><ul><li><strong>Tax planning<\/strong> &#8211; with the extension of the TCJA, the increase in the standard deduction, and small business deductions, review your tax plan with your CPA and Riverbend \ud83d\ude42.<\/li><li><strong>Health Savings Accounts<\/strong>&#8211; with the OBBB if you are participating in Medicare Part A and are still working and have a High Deductable Healthcare Plan (HDHP), you can still contribute to HSA. Previously, once you were on Medicare, you must stop contributing to your <a href=\"https:\/\/riverbend.objectivebrand.com\/?s=HSA&amp;e_search_props=b8875bc-2798\">Health Savings Account<\/a>.<\/li><li><strong>Education planning- <\/strong>The OBBB made some significant changes to <a href=\"https:\/\/riverbend.objectivebrand.com\/?s=529&amp;e_search_props=b8875bc-2798\">529 educational plans<\/a>. Withdrawals have previously been limited to tuition on K-12 education. Now, the bill expands the use of 529 plan funds for tutoring, textbooks, test preparation, online learning, and homeschooling materials. Special educational expenses, such as speech therapy, occupational therapy, and adaptive learning software, are also now included.<\/li><\/ul><p>OF COURSE, check with your CPA and your financial advisor (wink wink) to see how you can take advantage of these new changes.<\/p><p>\u00a0<\/p><p>Check out our new video on,\u00a0<a href=\"https:\/\/youtu.be\/rcQh31Pwo_k\" target=\"_blank\" rel=\"noopener\">Every Business Owner Should Do THIS Before Retiring<\/a>.<\/p><p><a href=\"https:\/\/youtu.be\/rcQh31Pwo_k\" rel=\"attachment wp-att-10157 noopener\" target=\"_blank\"><img fetchpriority=\"high\" decoding=\"async\" class=\"alignnone size-full wp-image-10157\" src=\"http:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/07\/T26-BusinessOwnerBeforeRetiring-3.jpg\" alt=\"Business Owner Before Retiring\" width=\"1344\" height=\"768\" srcset=\"https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/07\/T26-BusinessOwnerBeforeRetiring-3.jpg 1344w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/07\/T26-BusinessOwnerBeforeRetiring-3-300x171.jpg 300w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/07\/T26-BusinessOwnerBeforeRetiring-3-1024x585.jpg 1024w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/07\/T26-BusinessOwnerBeforeRetiring-3-768x439.jpg 768w, https:\/\/riverbend.objectivebrand.com\/wp-content\/uploads\/2025\/07\/T26-BusinessOwnerBeforeRetiring-3-610x349.jpg 610w\" sizes=\"(max-width: 1344px) 100vw, 1344px\" \/><\/a><\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>\u201cIn any given moment, we have two options: to step forward into growth or step back into safety.\u201d -Abraham Maslow Tweet The One Big Beautiful Bill (OBBB) passed the House and Senate. \u00a0 Here are&#8230; <a class=\"read-more\" title=\"FULL STORY\" href=\"https:\/\/riverbend.objectivebrand.com\/?p=10153\">Read More<\/a><\/p>\n","protected":false},"author":3,"featured_media":10155,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"om_disable_all_campaigns":false,"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","footnotes":""},"categories":[4],"tags":[343,342],"class_list":{"0":"post-10153","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finger-financial-five","8":"tag-bill","9":"tag-house-and-senate","10":"entry"},"acf":[],"_links":{"self":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/10153","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10153"}],"version-history":[{"count":6,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/10153\/revisions"}],"predecessor-version":[{"id":10161,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/posts\/10153\/revisions\/10161"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=\/wp\/v2\/media\/10155"}],"wp:attachment":[{"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10153"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10153"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/riverbend.objectivebrand.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10153"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}