Season 1 Episode 6:

How the One Big Beautiful Bill Act Affects Individuals

OBBBA is not just a policy update - it’s a practical planning roadmap for individuals and families. In this conversation, we explore how the Act affects income taxes, credits, deductions, and long-term financial planning decisions.

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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).

Tune in for a discussion on the most significant changes—and gain practical insights to help navigate tax planning under the new law.

This episode covers:

  • Changes to the Alternative Minimum Tax (AMT) and what higher-income taxpayers should review
  • Enhanced and permanent family-focused credits, including child tax credits, dependent care credits, and adoption credits
  • Expanded standard deductions and senior deductions, and how “bunching” strategies may help maximize benefits

  • Key updates to itemized deductions, including the repeal of prior limitations and permanent removal of miscellaneous deductions

  • New planning tools such as Trump Accounts, expanded 529 uses, and ABLE account enhancements

  • Significant updates to estate and gift tax exemptions, opportunity zone benefits, and remittance transfer rules

Host: Gina Lee

Gina Lee is your trusted guide for U.S. tax law, corporate compliance, and estate planning, providing personalized, strategic counsel to help achieve your financial and personal goals with confidence.

Host: Renee Tiun

Renee, a foreign-trained attorney at Basswood Counsel, specializes in taxation, corporate law, and estate matters, bringing over a decade of experience from Malaysia and a client-focused approach.

Host: Chris Klug

Chris is a trusted attorney with extensive experience in taxation, corporate planning, mergers and acquisitions, and estate planning. He guides clients through complex tax matters to deliver practical solutions.

If this episode resonates with what you’re working through, contact info@basswoodcounsel.com. We’ll help you bring clarity to the key decisions, risks, and priorities, with the right support across our complementary practice areas.

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