Trump’s New Tax Rules: The Hidden Wealth Benefit Most People Will Miss

"Between now and the end of 2028, if you earn money from overtime or from tips, you can get a tax write off on that if you make under $150,000 a year as a single person or $300,000 a year as a married couple filing jointly."

"you can write off up to $25,000 a year in tip income and up to $12,500 a year in overtime income, assuming that you meet the income thresholds."

"If you are born between January 1, 2025 and December 31, 2028, you will be deposited $1,000 into this Trump account"

"The 20% QBI, qualified business income write off, is arguably one of the most valuable tax deductions that small business owners, sole proprietors, and partnerships can qualify for. And it was set to expire at the end of 2025. But under this new tax plan, it is made permanent."

"you get a 20% tax break for doing nothing except being a small business owner. So, for example, let's assume that you make $200,000 in revenue. Then you have your expenses. Whatever your expenses are, your payroll, your rent, your softwares, you have $100,000 in expenses, which leaves you with $100,000 of profit. ... you get to qualify now for a 20% tax write off. So, you take a 20% deduction, which in this case is $20,000, and now you get to tell the IRS, hey, my taxable income is $80,000."

"you get to qualify for this 20% QBI deduction, pretty much no questions asked, up to $200,000 a year for a single filer or $400,000 a year for married couples filing jointly. After that, you have to answer a few questions to see if you still qualify for this 20% write off."