Month: July 2025

TGIF Meets OBBBA (One Big Beautiful Bill Act) Inbox

The One Big Beautiful Bill, now OBBB Act, was…. big. TGIF 2 Minutes is all about giving as complete and concise a message as possible. There will be follow-ups to the OBBBA, and as one analyst concluded, the “2026 Surprise” will come with “patches” to various wordings and actual applications of parts of the OBBBA, similar to the Secure Act – in particular referencing “patches” that came over time to the Secure Act for required minimum distributions from Inherited IRAs.

The OBBBA is far too BIG to be summarized by any one person. Although several nuggets can be highlighted, followed up by more highlights and so on. Here are a handful of major topics, with brief explanations. These are meant to spur questions and conversations that are relevant and unique to each client and each person.* Also, important – please keep in mind that due to the relatively higher wealth and income of most folks reading today, income phase-outs of lots of these provisions make a number of them less impactful (perhaps a “quality problem” to have?).

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Critical Mid-Year Tax-Related Ideas

Mid-Year is an important time to review several significant saving and spending decisions, possibly affecting taxes too. With just under 6 months remaining in the tax year – there’s still time to make a meaningful difference. Consider:

  • Confirming amounts being deferred pre- or post-tax into 401k and other retirement accounts (and whether to max out?)
  • Evaluating savings goals versus reality
  • If not begun yet, giving savings goals a jump start
  • Quantifying college savings account contributions
  • Creating and funding Trusts

These and other important decisions can be evaluated or adjusted – think of the process as forming goals or “mini-goals”.

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From “AI” to Fresh Brewed Coffee

Simply thinking about coffee can get a person’s morning moving in a positive direction. In this case, AI nearly brewed the coffee.

Last week’s TGIF 2 Minutes featured compelling details about the use of AI, or Artificial Intelligence, by individuals and “normal” people. The majority of reader feedback was positive – and led a number of folks to try an AI assistant for the first time! A handful of perceptive readers expressed lingering hesitation about the potential dangers of AI in general. Understandable.

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