Misinformation about the One Big Beautiful Bill was rampant even before it was signed into law on July 4. Joining us to separate fact from fiction about several provisions of the bill is Lauren Landolfi, CPA, shareholder and tax department practice leader at WilkinGuttenplan.
Topics discussed:
- Myth 1: There are no federal taxes on Social Security income.
- Myth 2: The new $40,000 SALT deduction cap is just for married filers.
- Myth 3: There are no taxes on overtime or tips.
- Myth 4: There are no changes to the deductibility of charitable contributions.
- Myth 5: Gamblers can continue to deduct all of their losses.
- Myth 6: I still don’t need to worry about the AMT.
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