Understanding the One Big Beautiful Bill - What Families Should Know
Mon Dec 22 2025
In this special collaboration episode of Amplified Wealth, Austin Hagaman joins According to Plan co-hosts, Tom Farrell and Kate Fishbein to explore major changes from the One Big Beautiful Bill Act (OBBBA) - and what they mean for your financial plan.
Episode Highlights:
👶 Trump Accounts – A New Tool for Kids:
Learn about this new tax-advantaged account designed for children under 18, including how to qualify, the $5,000 contribution cap, and when to expect availability.
🎁 Charitable Giving Under OB3:
Discover new guardrails around deductions starting in 2026, including floors, caps, and key timing considerations.
🧓 Bonus Senior Deduction Explained:
Starting in 2025, seniors may receive a valuable new deduction - up to $12,000 for qualifying couples. But income thresholds apply, and this benefit sunsets after 2028.
🏡 State and Local Tax (SALT) Relief:
OB3 temporarily raises the SALT deduction cap from $10K to $40K through 2029 - but with phaseouts for higher earners. Learn how to maximize your deduction before it’s gone.
From planning for the next generation to maximizing deductions today, this episode is packed with timely tax strategies.
Timestamps:
00:00
Cold Open and Introduction
02:25
Understanding Trump Accounts
08:00
Trump Accounts - Investment Strategies and Compounding Benefits
19:25
Understanding the New Senior Deduction
24:50
Navigating Charitable Deduction Changes
36:30
Temporary Increase in SALT Deductions
51:20
SALT Deduction - Income Phaseouts
59:50
Nothing contained in this presentation should be construed as personalized advice, or solicitation to buy or sell any securities. Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. There can be no assurance that the future performance of any specific investment or non-investment related content in this Podcast will be profitable or suitable for your individual situation. Due to changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions. The opinions expressed in this podcast are those of the participants and may not reflect those of the firm. To the extent you have any questions regarding the applicability of anything discussed to your individual situation, you are encouraged to consult with the professional advisor of your choosing. The firm is neither a law firm, nor a certified public accounting firm, and no portion of this content should be construed as legal or accounting advice.
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In this special collaboration episode of Amplified Wealth, Austin Hagaman joins According to Plan co-hosts, Tom Farrell and Kate Fishbein to explore major changes from the One Big Beautiful Bill Act (OBBBA) - and what they mean for your financial plan. Episode Highlights: 👶 Trump Accounts – A New Tool for Kids: Learn about this new tax-advantaged account designed for children under 18, including how to qualify, the $5,000 contribution cap, and when to expect availability. 🎁 Charitable Giving Under OB3: Discover new guardrails around deductions starting in 2026, including floors, caps, and key timing considerations. 🧓 Bonus Senior Deduction Explained: Starting in 2025, seniors may receive a valuable new deduction - up to $12,000 for qualifying couples. But income thresholds apply, and this benefit sunsets after 2028. 🏡 State and Local Tax (SALT) Relief: OB3 temporarily raises the SALT deduction cap from $10K to $40K through 2029 - but with phaseouts for higher earners. Learn how to maximize your deduction before it’s gone. From planning for the next generation to maximizing deductions today, this episode is packed with timely tax strategies. Timestamps: 00:00 Cold Open and Introduction 02:25 Understanding Trump Accounts 08:00 Trump Accounts - Investment Strategies and Compounding Benefits 19:25 Understanding the New Senior Deduction 24:50 Navigating Charitable Deduction Changes 36:30 Temporary Increase in SALT Deductions 51:20 SALT Deduction - Income Phaseouts 59:50 Nothing contained in this presentation should be construed as personalized advice, or solicitation to buy or sell any securities. Past performance may not be indicative of future results. Different types of investments involve varying degrees of risk. There can be no assurance that the future performance of any specific investment or non-investment related content in this Podcast will be profitable or suitable for your individual situation. Due to changing market conditions and/or applicable laws, the content may no longer be reflective of current opinions. The opinions expressed in this podcast are those of the participants and may not reflect those of the firm. To the extent you have any questions regarding the applicability of anything discussed to your individual situation, you are encouraged to consult with the professional advisor of your choosing. The firm is neither a law firm, nor a certified public accounting firm, and no portion of this content should be construed as legal or accounting advice.