#68 Breaking Down the 2025 Big New Tax Bill: Key Changes for SALT, QBI, and More
On the latest episode of “Connecting the Dollars,” co-hosts Amanda Vaught and Emily Agosto sat down to break down the newsworthy 2025 tax bill proposals currently making waves in Congress.
On the latest episode of “Connecting the Dollars,” co-hosts Amanda Vaught and Emily Agosto sat down to break down the newsworthy 2025 tax bill proposals currently making waves in Congress. While these changes aren’t set in stone yet, here are three takeaways you should keep on your radar:
🔹 SALT Cap Potentially Rising: There’s talk of increasing the SALT deduction cap from $10,000 to $40,000—a move that could significantly impact taxpayers in high-tax states like New York and Illinois.
🔹 Key Deductions at Stake: Good news for small business owners: the Qualified Business Income (QBI) deduction may be extended, with some tweaks to phase-outs and eligible business types.
🔹 Changes to Popular Credits: The child tax credit may temporarily rise to $2,500 per child, while several clean energy credits (solar, EVs, etc.) from the Inflation Reduction Act could be rolled back. Bottom line: Big changes may be coming, but as Amanda and Emily say—don’t rush to make decisions before the bill is finalized. Stay tuned!