What the Big Beautiful Bill Means for Your Taxes in 2025

1. Permanent Extension of 2017 Tax Cuts 

2. "No Tax on Tips & Overtime" (Through 2029) 

3. SALT- (State and Local Tax) deduction cap has jumped from $10,000 to $40,000 for joint filers (through 2029) 

4. Senior Tax Relief 

5. Bigger Child Tax Credit 

6. "Trump Accounts" for Children (2025-2028) 

7. Auto Loan Interest Deduction 

Beyond Tax Cuts: Spending & Program Changes 

Sole proprietors, LLCs, or S-corps. Key Points: 

~ SALT Deduction Relief 

~ Overtime Deduction 

~ Audit Triggers 

~ Firm Growth 

What Franchise Owners Need to Watch 

Franchise operations face unique risks: 

~ Tips and Overtime 

~ Vehicle Deduction 

~ Payroll Classification

~ Cash Transactions 

Practical Steps to Take Now 

1. Update your bookkeeping systems 

2. Communicate with employees 

3. Review payroll compliance 

4. Plan around expirations 

5. Get professional guidance 

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This document is designed for general information only. The information presented in this document should not be construed to be formal legal or tax advice nor the formation of a lawyer/client relationship. 

For more information on this and other topics, please contact Kevin via any of the channels listed below:

📧 kevin@kmckernan.com  | 📞 718-317-5007