BE Informed
BE Informed brings practical accounting, tax, audit, and consulting insights directly to business owners and finance professionals. Hosted by Brown Edwards, CPA, each episode offers clear, accessible guidance on essential financial topics that impact your business. From explaining tax regulations to discussing effective financial management strategies, we provide straightforward advice to support your decision-making.
All Episodes
OB3 Tax Changes: Charitable Deductions & QBI Deduction Explained
In this episode of BE Informed, I dive into the significant tax changes stemming from the One Big Beautiful Bill, focusing on charitable deductions and the Qualified Business Income (QBI) deduction. Join me as I explain how, starting in 2026, taxpayers who take the standard deduction will be able to deduct up to $1,000 for singles and $2,000 for joint filers in charitable contributions, a move aimed at enhancing charitable giving. I also cover the permanence of the 60% charitable contribution ceiling and the new $1,700 tax credit for educational scholarships. Additionally, I discuss the extended QBI deduction, its implications for pass-through entities, and the increased phase-out thresholds for specified service trades. Tune in for crucial insights that will help you navigate these changes effectively.
Trump Accounts Explained: New Tax-Deferred Savings for Kids Under the One Big Beautiful Bill
In this episode of BE Informed, join me, Jacob Reeves, as I unpack the intriguing new provisions of the One Big Beautiful Bill, particularly focusing on the innovative Trump accounts aimed at fostering savings for our youth. Designed for children born between 2025 and 2028, these tax-deferred accounts allow contributions up to $5,000 annually, with the federal government adding an initial $1,000 per eligible child. I’ll delve into how these accounts transition into traditional IRAs upon the child's 18th birthday, the implications for financial planning, and the potential role of nonprofits in supporting this initiative. Tune in to understand how this legislation aims to instill a culture of savings in the next generation and what it means for families navigating their financial futures.
Child Care Tax Credits & ABLE Accounts: What Changed in the One Big Beautiful Bill
In this episode of BE Informed, I delve into the significant changes brought about by the One Big Beautiful Bill regarding child care tax credits and ABLE accounts. Join me as I explore the enhancements to the Dependent Care Assistance Program, including an increase in the annual exclusion limit and an improved Child and Dependent Care Tax Credit rate rising from 35% to 50%. I also discuss the adoption credit, which now offers a maximum of $17,280, with a portion being refundable. Additionally, I cover updates to ABLE accounts, including higher contribution limits and eligibility for the saver's credit starting in 2026. Tune in for an informative discussion on how these changes can impact your financial planning and assistance in navigating child care costs.
New Tax Deductions in 2025: Seniors, Tips, Overtime & Car Loan Interest Explained
In this episode of BE Informed, join me, Jacob Rives, as we delve into the new tax deductions set to take effect in 2025. We explore significant provisions from the One Big Beautiful Bill, including a $6,000 deduction for seniors aged 65 and older, and the introduction of a $25,000 deduction for qualified tips, designed to benefit service industry workers. Additionally, we discuss a new deduction for overtime compensation and the opportunity to deduct up to $10,000 in car loan interest for new vehicle purchases. Tune in for insights on eligibility criteria, income thresholds, and the temporary nature of these deductions, ensuring you stay informed and prepared for the upcoming tax landscape.