The One Big Beautiful Bill Act of 2025 has a significant effect on federal taxes, credits, and deductions. Signed into law on July 4, 2025, the "Big Beautiful Bill" has implications for how it impacts personal and corporate taxes.

The changes it ushered in reshaped the tax landscape, affecting individuals and corporations differently. Here are some of the key changes investors and business owners need to know about this new tax law.

Personal taxes under Big Beautiful Bill

One of the key tenets of the Big Beautiful Bill was the effect it had on personal income tax brackets. Designed to provide tax relief, it aims to extend benefits across various income levels.

• Standard deduction increase- There is a significant increase in the standard deduction amount. This change means that fewer taxpayers need to itemize, simplifying the tax-filing process.
• Lower tax rates- The Big Beautiful Bill lowers marginal tax rates for most taxpayers.
• Child tax credits- The law expands child tax credits by an additional $200, to $2200, as a measure to provide a financial boost to families.
• Mortgage interest provision- The $750,000 principal limit for the home mortgage interest deduction is now permanent.
• Estate and gift taxes- Permanently increase the estate and lifetime gift tax exemption to an inflation-indexed $15 million for single filers, and $30 million for joint filers beginning in 2026.
• SALT taxes- Temporarily increase the cap on the itemized deduction for state and local taxes (SALT) to $40,000 for 2025, increasing the cap 1 percent each year through 2029. This provision phases out for taxpayers with incomes above $500,000, then reduces the cap to $10,000 thereafter.

In today's fast-paced world, working toward financial wellness requires a proactive approach. For many people, this means more than just saving or making monthly budgets. Thankfully, there is a wide range of money management apps designed to improve the way we manage our finances.

Money apps can serve as digital assistants, helping us make more informed money-related decisions, such as aiding investment choices, monitoring expenditures, and much more.

Why use money apps?

There are several reasons to use money apps for financial wellness:

· Budgeting - Creating and following a monthly budget can be difficult for some. Money apps can automate the process by connecting directly to one's bank account, categorizing expenses, and notifying users of where their money is going.

· Bill tracking - It can be challenging to keep track of all the bills due in a month. Money apps send alerts when bills are due, helping users avoid missing payments, which could negatively impact their credit.

· Savings goals - Money apps can help one set and work toward savings goals. Whether saving for a vacation or a home, these apps help track progress and motivate users to keep going.

The world economies are cyclical, with periods of prosperity followed by downturns. One of the severe downturns is a recession, characterized by declining GDP, increasing unemployment, and falling asset prices.

As an investor, it is crucial to understand how to prepare for such economic events. Here are seven ways investors can work to protect their portfolios from the devastating effects of a recession.

#1- Diversify your portfolio

Diversification is a key strategy to mitigate risk. By distributing investments across various assets, sectors, and geographic regions, an investor can reduce exposure to any specific economic event or sector downturn. Diversification may include a mix of stocks, bonds, commodities, and real estate, depending on an investor’s risk tolerance and goals. The aim is to balance the portfolio with safer, lower-return investments and riskier, potentially higher-return investments.

#2- Maintain liquidity

Having access to cash during a recession is essential. It offers flexibility to take advantage of depreciated asset prices and can help provide a safety net if other income sources dissipate. Remember that during recessions, credit markets can tighten, making loans more challenging to acquire.

The acquisition of wealth is a common aspiration for many individuals and families. However, wealth accumulation is not just about enriching oneself. There's another critical aspect often overlooked: the potential to use wealth to create a lasting, positive impact on society.

Here are some strategies individuals and families can implement to work toward using their wealth to leave a legacy that ‘does good’ for others.

Philanthropy

One of the most apparent ways wealth and legacy can intertwine is through philanthropy. Individuals or families can set up charitable trusts or foundations, contributing a part of their wealth to causes they are passionate about.

Whether it's funding education, contributing to medical research, or aiding in poverty eradication, philanthropy enables them to leave a legacy that translates into better communities and improved living conditions for those less fortunate.

Influencing policy and advocacy

Individuals and families also have unique opportunities to use their influence to bring about policy changes for the betterment of society. Using wealth and connections to advocate for policies that support social, economic, or environmental causes workstoward their legacy of impactful societal change.

In wealth management, one tax planning strategy is Roth IRA conversions, which may offer tax-free distributions in retirement. It’s essential to understand how Roth IRA conversions work, including their benefits, tax implications, and overall suitability, before making any decision regarding this strategy.

Understanding Roth IRA conversions

The primary reason investors initiate this strategy is to take advantage of the tax benefits of tax-free distributions in retirement. This strategy involves transferring assets from a tax-deferred vehicle, such as a Traditional IRA, SIMPLE, SEP IRA, or a 401(k) or other employer-sponsored retirement savings plan, to a Roth IRA.

Why would investors use this strategy?

There are several reasons why investors may implement this strategy:

· Roth IRAs offer tax-free growth and tax-free withdrawals during retirement.

· Unlike Traditional IRAs or 401(k)s, where distributions on the contribution and accumulation are taxed as ordinary income, Roth IRA withdrawals are usually tax-free.

· This strategy can be advantageous for investors who anticipate being in a higher tax bracket in retirement.

As the year approaches a close, it's an ideal time for business owners to evaluate their company’s financial health. Mid-year planning is critical and can help establish a confident foundation for the future. However, for many business owners, this planning can feel overwhelming. This guide aims to help manage the planning process using the following step-by-step approach.

Step #1- Review the past year's financial performance

Reflecting on this year's financial performance before the start of the 4th quarter can provide valuable insights. This reflection involves reviewing profit and loss statements, balance sheets, and cash flow statements. A comprehensive performance review can help identify trends and uncover the strengths, weaknesses, and opportunities for the rest of this year and the year ahead.

Step #2- Conduct Tax planning

Mid-year tax planning involves understanding current tax laws and determining suitable strategies to minimize tax liability. Reviewing expenditures and deductions, retirement plans, and potential tax credits can help work toward effective tax planning. Seeking guidance from a financial or tax professional can help business owners identify and take advantage of available deductions.

Probate is a legal process that involves authenticating a deceased person's will, appointing an executor, appraising the deceased's property, paying debts and taxes, and distributing the remaining estate to the rightful heirs. It can be intricate, time-consuming, and costly. By understanding the probate process and how to avoid it, one can ease the burden on their heirs, helping them avoid a potentially overwhelming probate catastrophe.

Understanding probate

Before delving into the intricacies of navigating probate, it's vital to understand what it entails:

Probate court— This court of law validates the will and oversees estate administration.

Executor— This individual, appointed by the deceased and named in the will, carries out the instructions in the will and handles other tasks, such as overseeing probate proceedings.

Probate assets—Probate assets include those owned solely by the deceased, not co-owned or assigned to beneficiaries.

Will— The will lists how assets will be distributed to heirs. If an individual has only a will, but no estate plan, probate will be applied and become public before the distribution of assets begins.

Adopting a child is a significant and complex decision. Various legalities, protocols, and challenges must be navigated, and they change significantly depending on whether the adoption is domestic or international. Critical factors that differentiate adoption types include waiting periods, costs, and travel requirements. This article aims to inform and prepare adoptive parents about what to expect from both adoption routes.

Domestic adoption

Domestic adoption involves adopting a child within one's country. The process varies significantly by jurisdiction; however, certain standard expectations generally apply.

Child's background— Domestic adoptions often involve infants, and it's possible to obtain comprehensive information about the child's medical history, as well as the biological parents' background.

Cost—Domestic adoptions can be less costly than international ones. The expenses include agency fees, legal fees, the birth mother's medical, and possibly home-study costs.

Waiting period—The waiting period for domestic adoption varies but can be shorter than international adoptions, especially for parents open to adopting older children, sibling groups, or children with special needs.

Couples usually don’t retire at the same time when they have an ‘age gap’ between them. An age gap relationship is one where there is eleven or more year’s age difference between them. Age gap relationships are becoming more common as people are choosing to marry later in life, remarry or start a life-partnership with someone significantly younger.

According to a study from the National Center for Health Studies, the average woman is living 81.1 years compared to 74 years in 1960; the average man is living 76.1 years compared to 67 years in 1960. The increase in life expectancy is helping to change the age differences in many couples, making financial planning even more critical.

In age gap relationships one member continues to work for a decade or longer than the other. The drawing of retirement assets and social security income earlier for one member, coupled with differing longevity factors presents a planning challenge compared to other couples.

Age gap couples may have up to a half-generation between their ages and should consider planning for two different scenarios to reflect their age difference. These couples shouldn’t rely on a financial plan based only on the older member’s financial information and longevity factors. Some things to consider for these couples:

Managing 401(k) investments is crucial to planning one's financial future. Two primary ways to manage investments are to do it yourself (DIY) or work with a financial professional. However, the decision ultimately depends upon comfort level, knowledge of investment strategies, and available time. Here is what investors must consider for each method—DIY or financial professional management—before making a decision.

The DIY method

A DIY investor must watch the market trends and adjust their portfolio to manage returns while minimizing risks. This approach requires time commitment, patience, and emotional self-control to avoid making impulsive decisions during market fluctuations. In addition, a DIY investor must understand the following:

· Investing principles

· Stock market dynamics

· The potential risk of each investment

Determining the DIY portfolio mix

A DIY investor must watch the market trends and adjust their portfolio to manage returns while minimizing risks. This approach requires time commitment, patience, and emotional self-control to avoid making impulsive decisions during market fluctuations. Before investing, DIYers must consider: