Part of the H.R. 1 Tax Masterclass Series, this session covers the major individual tax changes under H.R. 1, also known as OBBBA.
We’ll begin with: State and local tax (SALT) itemized limits and the temporary cap boost Bracket creep and the fixed 37% top rate compared to inflation-indexed lower brackets
From there, we’ll explore temporary deductions, including: The senior deduction Car loan interest, tech, and gig economy write-offs A new above-the-line deduction for tips and overtime
We’ll also: Review planning scenarios for family credits ahead of the 2025 transition Review current compliance and reporting changes Compare “Trump accounts” to Roth IRAs and 529 plans.
The session wraps with tax planning strategies to help clients manage deduction phaseouts and prepare for 2026 rule changes.
Learning Objectives
- Distinguish SALT strategies by assessing the impact of the temporary SALT cap increase and itemized deduction limits on client returns.
- Compare the fixed 37% bracket to inflation-indexed brackets and quantify bracket creep effects.
- Apply temporary deductions and implement client scenarios for senior, car loan, tech/gig, and tips/overtime deductions.
- Calculate a plan around family credits, and design transition strategies for expanded child / dependent care (Sec. 70405) and adoption credits (refundability under Sec. 70402 and adoption costs under Sec. 70403), as well as the premium tax credit (Sec. 71301).
- Identify key reporting changes and draft checklists for Forms 1099 K/NEC thresholds and new forms.
- Analyze recent changes to Sec. 127 educational assistance plans (including the employer paid student loan interest under ARPA), 529 plan expansions, the employer provided childcare tax credit (Sec. 70401), and employer-provided dependent care assistance (Sec. 70404).
- Compare tax-advantaged accounts (e.g., contrast “Trump accounts” with Roth and 529 vehicles and formulate client conversation starters).
Major Topics
SALT deduction cap increase Family credits Compliance and reporting changes Tax planning synthesis Employee benefits "Trump accounts"
