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The big, beautiful tax bill brings welcome news for taxpayers with lower tax brackets being preserved, an increased standard deduction, and a higher child tax credit of $2,500 per child. Seniors will especially benefit from an additional $6,000 deduction per person regardless of whether they itemize or take the standard deduction.

• Lower tax brackets from the Tax Cut and Jobs Act will remain in place
• Standard deduction stays at $15,750 for single filers and $31,500 for married couples
• Child tax credit increased from $2,000 to $2,500 per child through 2028
• Seniors get an extra $6,000 deduction per person ($12,000 for married couples)
• Tips now excluded from income tax up to $25,000 annually
• Overtime is taxed only at your regular hourly rate, not at the higher overtime rate
• Auto loan interest deductible up to $10,000 for vehicles finished in the USA
• SALT deduction cap increased from $10,000 to $40,000 through 2029
• 100% bonus depreciation returns starting January 19, 2025, through 2028
• 1099 reporting threshold increased from $600 to $2,000 beginning in 2026
• Income limitations apply to many benefits: $150K for singles, $300K for married couples

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Ever been shocked by a massive tax bill in April? Let's not let that happen again! For business owners, freelancers, and anyone with significant non-W2 income, estimated tax payments necessary.

The IRS rules have changed in recent years. While the IRS used to charge around 3% for missing these payments, that penalty has increased. Now more than ever it is important to make your estimated tax payments!

The good news is that navigating estimated tax payments is manageable with the right approach. In this episode we walk you through how to make estimated tax payments and answer all the common questions we receive about them.

Take control of your tax situation by planning ahead. Your future self will thank you! Share this with a friend who complains every April about owing too much – you might just save them from the next tax-time panic!

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Transitioning from W-2 employment to receiving 1099 income fundamentally changes your tax situation and officially makes you a business owner, even if you're doing the same work as before.

• Self-employment tax means paying both the employer and employee portions of Social Security and Medicare (15.3%) on top of income tax
• Business expenses can be deducted against your 1099 income, reducing your taxable income significantly
• Opening a separate business bank account is crucial for tracking income and expenses correctly
• You can simply transfer money from your business account to your personal account as needed
• Estimated quarterly tax payments are required to avoid penalties from the IRS
• Consider setting aside 25-40% of income for taxes depending on your tax bracket
• Health insurance and retirement planning now fall entirely on your shoulders
• Once netting over $50,000 in profit, consider forming an LLC and electing S-Corporation status
• S-Corps require more complex paperwork but can save significant money in self-employment taxes
• Higher-earning contractors should work with a CPA rather than trying to handle everything themselves

Check out our guides for new businesses and S-Corp owners in the show notes if you need step-by-step assistance navigating your new tax situation.

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