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How the One Big Beautiful Bill Affects Your Financial Plan — and What Peters Financial Can Do
- David Peters
- 4 days ago
- 3 min read
The "One Big Beautiful Bill" (H.R. 1), passed mid‑2025, brings significant changes to tax and savings rules that affect your retirement, investment, and college saving strategies. Here's what matters — and how Peters Financial can help you benefit.
Key Provisions You Should Know
SALT Deduction Cap Raised to $40,000 (2025–2029)
The new law temporarily raises the state and local tax deduction cap from $10,000 to $40,000, phasing down for incomes over $500,000 starting in 2025. This may allow you to take more deductions on your federal tax return and keep more of your money.
“Trump Accounts” for Minors
Eligible children born 2025–2028 receive a $1,000 initial deposit from the government and can have up to $5,000/year contributed from other sources to these tax-deferred accounts. Also, the funds can be used for other things besides education.
New Deduction for Seniors
Seniors can benefit from an additional $6,000 deduction if they meet certain income thresholds – even if they don’t itemize their deductions.
New Tax Deductions
Deductions now apply to tip income, overtime pay, and car loan interest through 2028.
Implications for Your Financial Goals
Retirement Planning
Higher deductions reduce taxable income for retirees.
Our Approach: We’ll adjust your withdrawal strategy and Social Security planning to optimize income.
Investment Management
Trump accounts provide more opportunities for tax-deferred savings for minors.
Our Approach: We’ll evaluate how your current strategy aligns with college savings and future goals for your children.
College Planning
Trump Accounts join 529 plans as college savings vehicles.
Our Approach: We’ll compare both and structure contributions most tax-efficiently for your family.
Why You Should Act Now
Some of these provisions are time-sensitive. Delaying could mean missing out on meaningful tax savings.
How Peters Financial Can Help
We offer comprehensive planning that weaves these changes into your life:
Service Area | How We Add Value |
Retirement Planning | Optimize withdrawals and Social Security Planning |
Investment Management | We will help you understand where tax-deferred accounts make sense (and where they don’t). |
Estate Planning | Update trusts, wills, and gifting techniques |
College Planning | Evaluate the use of Trump Accounts and 529 funding strategies |
Take the Next Step
Contact Peters Financial today to review your current plan and build a strategy that harnesses the benefits of H.R. 1. Let’s make sure you're positioned for both immediate savings and long-term success.
About the Author:
David Peters, CPA, CFP, ChFC, CLU, CPCU, CGMA, is the Founder and Owner of Peters Professional Education (petersprofessionaleducation.com) and Peters Tax Preparation & Consulting, PC. David Peters is also registered with the U.S. Securities and Exchange Commission (SEC) as an Investment Advisor Representative (IAR) with Peters Financial LLC. He regularly teaches courses in accounting, finance, insurance, financial planning, and ethics throughout the United States, and regularly contributes regularly to various professional publications, including NCACPA’s Interim Report, SCACPA’s CPA Report, and VSCPA’s Disclosures.
Required Disclosure:
The content presented above is for informational purposes only, is general in nature, and is not intended to and should not be relied upon or construed as a financial plan or financial/investment advice regarding any specific issue or factual circumstance.
Financial and investment advisory services offered through Peters Financial LLC. Brokerage and custodial services offered through Charles Schwab Co. Inc., member FINRA and SIPC. Peters Financial LLC and Charles Schwab Co. Inc. are not affiliated. David Peters also offers tax services through Peters Tax Preparation & Consulting, PC. Clients or prospective clients are never obligated to use Peters Tax Preparation & Consulting, PC. as part of any financial planning or investment management services offered by Peters Financial LLC.
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