A New Kind of Deduction: Advanced Planning Strategies for a Changed Tax Code

In this AICPA's Personal Financial Planning Podcast episode, Cary Sinnott interviews Jeff Levine about navigating the complexities of the new tax law, particularly the One Big Beautiful Bill Act (OBBBA). The discussion covers the raised SALT cap and its phase-out, strategies for managing client income within specific AGI ranges, and the use of non-grantor trusts. They explore estate planning in light of the increased estate tax exemption, business planning strategies considering QSBS and Opportunity Zones, and often-overlooked tax planning opportunities under the OBBBA, such as charitable contributions, QBI deductions, and new deductions for tips, overtime, and auto loan interest, while emphasizing the importance of considering the holistic impact of the new tax law on individual clients.