Additional Tax Law Changes Jobs Data and Drama Increased Standard Deduction for Seniors
Planned Solutions
We have already reviewed several of the new tax code provisions from the passing of the One Big Beautiful Bill Act (OBBBA). To expand the review to be more comprehensive, we are including a review of three additional provisions: the no tax on overtime, the deduction for auto loan interest, and the expanded deductions for charitable contributions for taxpayers who do not itemize their deductions.
The Bureau of Labor Statistics announced that the US economy added just 74,000 jobs in July. At the same time, the Bureau revised down its job growth numbers for May and June by 225,000 jobs. This means the US economy added just 107,000 jobs in the past three months, a low average of just 36,000 jobs per month.
The new tax law promised to eliminate taxes on Social Security income. That did not happen, but a compromise was reached to give seniors (those over age 65) a larger standard deduction of up to $6,000 per taxpayer. However, the new deduction comes with income limits. Single taxpayers with income over $75,000 will begin to have the deduction reduced, while married taxpayers with income over $150,000 will not be eligible for the full deduction and may have it reduced to zero.
Plus, a look at the Planned Solutions Incorporated Office Bulletin Board - The second of our two summer interns from 2024 has officially joined the Planned Solutions team. Matt Young finished his degree from Oregon State this past semester, took some time off between school and joining the workforce, and officially joined Planned Solutions on July 30th. Matt will be joining his counterpart, Carter Osborne, in studying for the Certified Financial Planner exam, learning how to apply the knowledge and skills they learned in college to real-world situations, and supporting the financial planners in the office through a paraplanner role.
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Intro 00:00
Jobs Data and Drama 01:10
Increased Standard Deduction for Seniors 12:02
Increased Standard Deduction for Seniors 17:56
Bulletin Board 22:36
Planned Solutions, Inc.
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