The One Big Beautiful Bill Act: What Does This Mean for Dentists?
Description
On July 4, President Trump signed the One Big Beautiful Bill Act (OBBBA), which contained many tax changes that will affect dentists. In this episode of The Art of Dental Finance and Management, Art visits with Don Watson, Partner and Director of Dental Practices at Eide Bailly, to discuss the provisions of this new legislation.
Art and Don discuss topics including the Standard Deduction, new personal exemptions for seniors, the increase in the State and Local Tax (SALT) deduction, the Section 199A and State tax workaround rules, changes to the Child Tax Credit and Estate and Gift Tax exclusions, the repeal of many clean energy incentives, changes in the reporting of Form 1099 payments, and much more.
Art and Don provide actionable advice on taking advantage of these new rules, suggesting that dentists work to legally reduce their incomes to avoid the phase-out rules included in these new laws. This episode is a must-listen for anyone who wants to cut their income tax bills for 2025 and beyond.
United States
