In this episode, I dive into the new tax law called the One Big Beautiful Bill Act, focusing on two major updates: the car loan interest deduction and the expiring energy tax credits. I explain why understanding these new tax rules matters, especially if you’re considering a clean vehicle tax credit or planning energy efficiency improvements for your home.

With key deadlines approaching, I want to give you clear, actionable insights so you can maximize your tax benefits and make the most of these opportunities before they expire.

Also mentioned in today’s episode:

01:00 Overview of the One Big Beautiful Bill Act
03:37 New Car Loan Interest Deduction
13:04 Expiring Energy Credits and Deadlines

Takeaways

• The new tax law is called the One Big Beautiful Bill Act.

• There are new deductions for car loan interest starting in 2025.

• Tax credits for clean vehicles are expiring soon.

• The deadline for clean vehicle tax credits is September 30th.

• The car loan interest deduction is only applicable to new cars.

• You must have the VIN number to claim the car loan deduction.

• Energy efficiency improvement credits are also expiring soon.

• The residential clean energy credit is set to expire in 2025.

• Commercial vehicle tax credits are available for businesses.
  

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Links:

VIN decoder

Check out my program, Money Bootcamp

Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.

Link to pre-order my workbook, Taxes for Humans: The Workbook

Get your free visual guide to tax deductions

In this episode of the Sunlight Tax podcast, I talk about Trump’s new tax law, officially called the “One Big Beautiful Tax Bill.” I break down its key points, how it impacts different income groups, the updates to clean energy tax credits, and what it means for self-employed people and freelancers.

I also emphasize why it’s so important to understand tax laws, and I encourage you to share this information with anyone who might benefit from it.

Also mentioned in this episode:

00:00 Introduction to the New Tax Bill

04:13 Overview of the Tax Bill's Key Points

11:49 Impacts on Low-Income and Wealthy Households

18:55 Changes to Environmental Credits and Clean Energy

19:50 Implications for Self-Employed and Freelancers

Takeaways

• The new tax bill is officially called the 'one big beautiful tax bill.'

• I aim to provide clear, fact-checked information about tax laws.

• The bill extends provisions from the Tax Cuts and Jobs Act of 2017.

• It is expected to increase the federal deficit by $3 to $4 trillion.

• The bill primarily benefits households with incomes over $500,000.

• Medicaid cuts are expected to save $900 billion.

• The child tax credit has been increased from $2,000 to $2,200.

• Many environmental tax credits from the Inflation Reduction Act have been eliminated.

• Self-employed individuals will maintain the qualified business income deduction.

If you enjoyed this episode, please rate, review and share it!
Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.

Links:

Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.

Link to pre-order my workbook, Taxes for Humans: The Workbook

Get your free visual guide to tax deductions

Check out my program, Money Bootcamp

In this episode of the Sunlight Tax podcast, I talk with Reggie Tidwell and Tim Scroggs, the founders of the design agency 40 Hearts. We dive into their journey as designers, explore the impact of AI on the creative industry, and discuss why community and branding matter so much during times of economic uncertainty. Our conversation highlights the need for genuine human connection and the enduring value of creativity in navigating challenges.

Also mentioned in today’s episode:

02:52 Meet the Designers: Reggie Tidwell and Tim Scroggs

08:38 Creating Enduring Value in Design

11:58 Navigating Client Relationships and Brand Strategy

14:49 Building Confidence as a Designer

17:35 Embracing the Unknown in Creativity

23:55 AI and the Future of Design

29:56 Community and Connection in the Design World

32:36 The Impact of AI on Creativity and Humanity

41:19 The Importance of Intuition and Human Connection

Takeaways

• The design industry is evolving with the introduction of AI, but human creativity remains irreplaceable.

• Branding is essential for businesses, especially during economic uncertainty.

• Transitioning from a beginner to an expert designer involves gaining confidence and experience.

• AI should be viewed as a tool to enhance creativity, not a replacement for it.

• Isolation is a significant challenge for creatives, and community support is vital.

• Understanding client needs is crucial for effective branding and marketing strategies.

• Creativity thrives in environments that value human connection and collaboration.

• The future of design will require a blend of technology and human intuition.

If you enjoyed this episode, please rate, review and share it!
Every review makes a difference by telling Apple or Spotify to show the Sunlight Tax podcast to new audiences.

Links:

Reggie Tidwell's Linkedin: https://www.linkedin.com/in/reggietidwell/

Tim Scroggs' Linkedin: https://www.linkedin.com/in/timscroggs/

40 Hearts: https://www.linkedin.com/company/40hearts/

Link to pre-order my book, Taxes for Humans: Simplify Your Taxes and Change the World When You’re Self-Employed.

Link to pre-order my workbook, Taxes for Humans: The Workbook

Get your free visual guide to tax deductions

Check out my program, Money Bootcamp