"We can't break all almost 900 pages worth of everything, but we're going to break down the things that we think our audience would benefit from having a conversation about."

Our hosts, Dan and Natalie Slagle, tackle the massive tax legislation signed on July 4th. While Natalie spent her holiday evening digesting 890 pages of congressional prose (in lieu of watching Squid Game with the family), she emerged with insights that affect literally every American.

For starters, those Trump-era tax cuts everyone expected to sunset in 2026 are sticking around. This saves taxpayers from higher tax brackets but adds $5 trillion to the national debt. Natalie sees this as a wake-up call for Roth conversions, that today's historically low tax rates won't last forever.

The SALT deduction quadruples from $10,000 to $40,000, a game-changer for high-tax states like California and New York. Suddenly, itemizing deductions might make sense again, meaning you'll need to track things like charitable donations and mortgage interest.

Speaking of charity, there's both good and bad news. A new floor means you can only deduct charitable gifts above 0.5% of your income starting in 2026. But if you don't itemize, you can now deduct up to $2,000 in donations anyway. A win for nonprofits everywhere.

The child tax credit inches up to $2,200 (indexed for inflation), while 529 plans expand to cover tutoring and professional credentials. Controversially, the new "Trump account" offers $1,000 for kids born 2025-2027, but Natalie's not impressed with its convoluted rules.

Dan and Natalie believe that Congress missed opportunities to simplify existing accounts instead of creating new ones. Some changes feel more political than practical when they’re conveniently set to expire when Trump leaves office.

Key Topics:

● Tax Rates Staying the Same Through 2026 (05:05)

● SALT Deduction Increases to $40,000 (14:51)

● Charitable Deduction Changes and Floors (20:27)

● Car Loan Interest Deduction for US-Made Vehicles (24:29)

● Child Tax Credit Increases to $2,200 (29:00)

● 529 Plan Expansions for Tutoring and Credentials (31:14)

● The New Trump Account for Children (34:12)

Resources:

· How Does The One Big Beautiful Bill Impact Me? (blog post)

· Saving for our kids. (podcast episode)

Natalie Slagle, CFP® and Dan Slagle, CFP® are the founding partners and lead financial planners at Fyooz Financial Planning — an independent firm dedicated to helping high-earning couples in their 30s and 40s confidently navigate the complexities of managing money together.

At Fyooz, they specialize in turning financial stress into strategy, guiding couples through everything from cash flow and investing to aligning money with shared goals.

Disclaimer: For updated disclosures, please visit fyoozfinancial.com.