The world of tax law can be complex, but a new bill signed in July 2025 has brought some important changes you’ll want to know about. You may have heard it called the “One Big Beautiful Bill Act,” and it’s a potential game-changer for individuals, families, and businesses alike.
At Vernon Management Group, we believe in proactive financial planning. Here’s a straightforward breakdown of what this new legislation means for you and why now is the perfect time to review your financial plan.
The Big Picture: What’s Permanent and What’s New?
This bill makes many of the popular tax cuts from the 2017 Tax Cuts and Jobs Act permanent. For many taxpayers, this is a huge win, as the lower income tax brackets you’re used to are here to stay. However, the bill also introduces some new rules that could change how you plan for the future.
- For Individuals and Families: A key change is a new, temporary tax deduction for certain seniors, designed to provide relief for rising healthcare costs. There are also adjustments to the child tax credit, so if you have children, it’s important to understand how these new rules affect your household.
- For Small Business Owners: The lower corporate tax rates are now a permanent fixture, providing stability for long-term business planning. The bill also includes new deductions for certain business expenses, aimed at stimulating growth. This is a fantastic opportunity to re-evaluate your business’s financial strategy.
- For Retirees and Pre-Retirees: The new temporary deduction for healthcare expenses for certain seniors is a direct response to concerns about rising costs in retirement. While this is great news, it also reinforces the importance of a flexible financial plan that can adapt to a changing tax code.
The changes in this bill prove that staying on top of tax policy is a critical part of financial planning. It’s not just about what you earn; it’s about what you keep.
At Vernon Management Group, we specialize in helping our clients in Short Pump and the greater Richmond area understand these new rules. We’ll analyze your unique situation and create a proactive plan that ensures you’re making the most of every opportunity.
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Disclaimer: This content is for informational and educational purposes only and does not constitute financial, legal, or tax advice. The information provided is general in nature and is not intended to be a substitute for professional advice tailored to your specific financial situation. All investing involves risk, including the potential for loss of principal. Past performance is not indicative of future results. Vernon Management Group, a registered investment advisor, provides this information with the understanding that you will consult with a qualified professional before making any financial decisions. We are not responsible for any actions taken based on the information contained in these blog posts. Contact us today for a personalized consultation to discuss your specific financial needs.