The new "no tax on tips" deduction will benefit just about 3% of all tax filers, saving them, on average, almost $1,400. https://t.co/QHUCUFisBZ ...

Social Security Overpayment Recovery - The Social Security Administration is recouping overpayments by withholding 50% of a beneficiary's monthly check until the total overpayment is reclaimed [1] - Beneficiaries can contact the Social Security Administration to request smaller payment amounts or petition to waive the payment altogether if they cannot afford it [6][7] - Beneficiaries can also request a reconsideration if they believe they were not overpaid or it wasn't their fault [7] Impact of Income on Social Security Benefits - Capital gains from selling a house are not considered earned income and will not directly affect Social Security benefit amounts [10] - Increases in provisional income can lead to a greater portion of Social Security benefits being subject to income tax; provisional income is calculated as adjusted gross income (AGI) plus municipal bond interest and half of Social Security benefits [11] Senior Tax Deduction - A new tax policy includes an additional deduction of up to $6,000 per taxpayer aged 65 and older, regardless of whether they currently receive Social Security benefits [12][13] - The senior deduction is age-based, not benefit-dependent, and is available to both itemizers and those using the standard deduction, requiring a valid Social Security number [13][14] - The deduction is temporary, set to expire in 2028, and is subject to modified adjusted gross income phase-outs beginning at $150,000 for joint filers [14][15] - The White House projects this deduction will increase the number of beneficiaries paying no tax on their benefits from 40-50% to 88% [15] Roth IRA Conversion Planning - A $6,000 deduction equates to $12,000 per couple, but this deduction is reduced to zero between $150,000 and $250,000 of modified adjusted gross income, creating a potential tax cliff for Roth conversions at the $150,000 level [16][17] - Taxpayers should model Roth conversions before executing them to determine whether it's more beneficial to convert before or after age 65 [18] Medicare Premiums - The $6,000 senior deduction can lower adjusted gross income, potentially impacting Medicare premiums, which are determined by adjusted gross income on a sliding scale [20] - Changes in adjusted gross income affect Medicare premiums with a two-year lag; for example, 2025 premiums are based on 2023 income [21] - The Medicare Part B premium is estimated to increase 11% to above $200 for 2022 [21]

So we are talking about charitable giving and charitable giving as a whole increased to a record $590 billion last year of course mainly driven by all that stock market wealth but the tax changes in the big beautiful bill which has now of course become law could cause a big shift in who gives and how much. So provisions allow a new charitable deduction for those who take the standard deduction and they don't itemize. So that's going to be up to $1,000 for individuals and $2,000 for married couples.To pay fo ...

A series of tax changes buried in President Trump's big beautiful bill have the potential to upend the balance of philanthropy. And Robert Frank joins us now with his inside wealth report. We get inside.You don't want to be outside the wealth. You want to be inside. It's today's report. Is this today's report.Today we are. You're not doing yesterday's or tomorrow's. You're doing tomorrow's.We are inside wealth today. Unbelievable. And so we are talking about charitable giving and charitable giving as a whol ...