Tax headlines can sound simple, but the details often tell a different story.

What do recent tax law updates actually mean for your income, deductions, and long-term planning? And how should you adjust when the rules keep shifting?

In this episode, Jim Sumpter, CFP®, breaks down key changes from the recent tax bill and explains how they affect families, retirees, and business owners. He covers updates to SALT deductions, child tax credits, and charitable giving, while clarifying common misconceptions around “no tax on Social Security,” tips, and overtime.

Jim also outlines new rules for auto loan interest, dependent care, bonus depreciation, and expanded 529 plan uses, emphasizing why ongoing tax planning is essential as laws evolve.

Key takeaways:

• How the temporary SALT increase to $40,000 could impact itemizers through 2029
• What “no tax on Social Security” actually means for income thresholds and age
• Why the child tax credit increase and refundable portion matter for families
• New above-the-line charitable deduction for standard deduction filers
• Expanded 529 uses, auto loan interest rules, and planning around expiring provisions
• And more!

Connect with Jim Sumpter:

• 205-510-9074
• CMC Financial
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