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When it comes to tax law changes, even official government summaries can get the details wrong. In this episode, Phil revisits the “Big Beautiful Bill” (BBB) discussion from a few weeks ago with important clarifications and corrections. After discovering that early government summaries included incorrect numbers and unclear explanations, Phil dug deeper using trusted tax research services to get the facts straight.
Here’s some of what we discuss in this episode:
🏠 SALT deduction changes and how the phaseout works
💵 The $6,000 per-person deduction, key updates and when it expires
🎁 New charitable giving “floor” and carryover rules
🧾 Above-the-line charitable deduction for non-itemizers
💸 Updated standard deduction amounts for those over 65
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