⚠️ Upcoming Deadlines

• 📆 August 8: If you’re filing an S-Corporation or Partnership return on extension, this is the last day to send your tax information in order to be guaranteed a timely filing by September 15.

🔥 What the OBBB Could Mean for You

On July 4, 2025, the One Big Beautiful Bill became law, locking in sweeping tax changes for individuals, business owners, and estate planners alike.

Last week, we hosted a special session for our clients unpacking this bill and answering their questions about what it means for their own tax strategy. You can’t view the full webinar but we’ve share some highlights here -

🎥 Did BBB Actually Change Your Taxes?
🎥  New Tax Breaks Explained: Tips, Overtime, and Social Security in 2025
🎥 R&D Tax Change: Is Offshore Work Now a Liability?
🎥 QBI Deduction Just Got Better — Are You Missing Out?
🎥 Can You Still Claim 100% Bonus Depreciation in 2025?

👥 Individuals & Families

• 37% top rate made permanent for high earners

• Increased standard deduction continues, with add-ons for seniors

• Above-the-line charitable deduction returns: $1,000 (single) / $2,000 (married), even if you don’t itemize

• New deductions for tips, overtime pay, and auto loan interest (with income thresholds)

🏛 Business Owners

• QBI deduction made permanent for pass-through entities

• 100% bonus depreciation extended for qualifying new and used property

• Auto loan interest deductible for vehicles assembled in the U.S.

• R&D expensing restored, a huge win for founders and innovative business owners

🏠 Estate Planning

• Increased estate and tax exemption extended, preventing the scheduled reversion in 2026.

• Portability remains intact, allowing couples to shield ~$30M from estate tax

⚠️ Heads up: Major clean energy credits rolled back - you have until September 30 to claim EV credits for eligible vehicles.

Want to have a CPA at hand to answer all your OBBB questions? Reach back out to me and we can see where things stand.

🎬 Brand New: Gelt’s Superpowered Brand Video

We just launched our new brand video, and there’s a twist!
🦸‍♂️ Five superhero characters are hidden inside. Can you find them all?

Got a guess? Drop it in the YouYube comments, we may have a surprise in store.

💬 What’s Happening in Our Gelt Community

Here are just a few of this month’s top questions, with our take:

“Should I cost seg now or wait for my next property?”
✅ If you’re REPS-qualified or expect a large gain, don’t wait. We just helped a client unlock $300K in depreciation to offset their 2025 income.

“What’s the most overlooked tax-advantaged account right now?”
✅ The HSA! It offers a triple benefit:
• Tax-deductible contributions
• Tax-free growth
• Tax-free withdrawals for qualified medical expenses
And once you hit 65? It acts like a Roth/IRA hybrid. If you’re high income and eligible, it’s a win-win-win to max it out.

“Can I pay my kids and fund a Roth IRA?”
✅ Yes, and it’s one of the smartest legacy-building moves you can make. Keep their income under the standard deduction, and it’s tax-free.\

🗞️ Gelt in the News

Explore where we’ve been featured this month:

• Wall Street Times – Tal discusses Why the Future of Taxes Requires Both Intelligence and Interpretation

•  Financial Planning – Rachel talks through 4 tax-saving real estate strategies and how to avoid their pitfalls.

• Advisor Perspective - Spencer discusses key reasons for financial advisors to partner with a tax firm