Happy 4th of July week! Today on Episode 8 of The Wealthy Wallet, Podcast Host Monika Hengesbach discusses the upcoming expiration of key tax provisions set to sunset in 2026, including the highest tax rate returning to 39.6%, reduced standard deductions, the lifting of the SALT cap, and changes to mortgage interest and unreimbursed business expenses deductions. She also covers the potential expiration of the Qualified Business Income (QBI) deduction, phased reduction of bonus depreciation, and the drop in the estate tax exemption, emphasizing the need for estate planning. Monika discusses strategies for managing estate taxes, such as using irrevocable life insurance trusts (ILITs), charitable donations, and family limited partnerships (FLPs), while clarifying that tips remain taxable income. They address tax code loopholes like Partnership Basis Shifting and cost segregation rules, and explore psychological factors in financial decision-making, discussing cognitive biases and offering practical tips for improvement.
The purpose of this podcast is to give you tax tips, strategies, information on new tax law changes, and give you new tools to help you navigate life's unexpected financial curveballs, all in hopes to give you more money to put back into your wallet.
Monika Hengesbach has more than 30 years of experience in financial services. She’s an enrolled agent, an NTPI Fellow, and CEO at Decision Financial Services.
Work with Monika Hengesbach:
https://www.DecisionFinancial.com
DECISION FINANCIAL
535 Silicon Dr. Ste 101
Southlake, TX 76092
Office: 1-817-268-9352
Fax: 1-800-860-6042
contact@decisionfinancial.com