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USA Today
17-07-2025
- USA Today
How will no tax on overtime work? Here's what Trump's BBB means for your paycheck, taxes
President Donald Trump's signature 'one big beautiful bill' promises to let workers keep more of what they earn by making tips and overtime wages tax-free. In states like New Jersey, Pennsylvania, and Delaware — where hundreds of thousands of workers rely on overtime and tips to make ends meet — that sounds like a big deal. But will it mean bigger paychecks every week? Or just a larger tax refund later? Here's what you need to know. Fitzpatrick doesn't vote with GOP on BBB Rep. Fitzpatrick one of two Republicans to vote against Trump's 'big, beautiful' bill How does no tax on overtime work? Under the new law, workers can deduct up to $12,500 in overtime pay and $25,000 in reported tips from their taxable income on federal tax returns. But this won't give you an immediate bump in take-home pay. Deductions apply during tax-return season. Employers will still withhold federal taxes from your overtime and tips during the year. But when you file your 2025 return early next year, the deduction could shrink your tax bill or increase your refund. And the benefit is temporary. The deductions expire at the end of 2028 unless Congress extends them. Will my weekly paycheck go up under BBB? If you're banking on tax-free overtime to boost your paycheck, you're out of luck. Trump's 'big beautiful bill' doesn't change what you're paid; it changes what you're taxed. That happens at tax time, not on payday. Employers will keep withholding taxes as usual, and it's up to you to apply the deduction — if you qualify — when you file. So your weekly paycheck won't grow, but your tax refund could. The tax break packs the biggest punch for middle- and high-income workers who rack up overtime or bring in substantial tips. For example, a police officer earning a $75,000 base salary and another $15,000 from overtime would pay federal income taxes on only $2,500 of those extra earnings. A high-end restaurant sommelier with an $80,000 salary and generous tips could hit the cap on tip deductions and still save thousands on their tax bill. Earning more than the thresholds — $12,500 in overtime and $25,000 in tips — doesn't wipe out the benefit. It just means anything above those limits is fully taxed. Midrange earners stand to see meaningful savings too. A warehouse supervisor earning $60,000 with $10,000 in overtime could shave a couple thousand dollars off their federal tax bill. A hotel bartender making $45,000 plus $5,000 in tips could get back all the federal taxes withheld from their tips. For lower-income workers, the impact is more modest. A retail employee earning $28,000 with some overtime, or a diner server making $20,000 in wages and tips, could deduct all of their extra earnings — but with incomes low enough that standard deductions already erase most federal taxes, their refunds might grow by only a few hundred dollars. So, Trump's 'no tax on overtime' law could mean bigger federal tax refunds for many middle-income workers across the Mid-Atlantic, especially in industries like healthcare, manufacturing, and construction where extra hours are common. But don't expect your weekly paycheck to grow. The savings will come when you file your 2025 taxes in early 2026. And you'll still owe state income taxes on your overtime and tips. The new federal law doesn't change state tax laws. Jerry Haught is a New Jersey-based journalist with the Mid-Atlantic Connect Team.
Forbes
16-07-2025
- Forbes
Our Top Dividend From The ‘Big Beautiful Bill' Is On Sale Now
steel long pipe system in crude oil factory during sunset The One Big Beautiful Bill Act (BBB) is now law—and there's one top dividend we can buy now to profit from it. I'm not talking about shorting 10-year Treasuries (though that might work, given the inflationary policies 'baked in' here!). Instead we're going long—on American oil and gas. But we're not looking at producers. We're going with pipeline operators like Kinder Morgan (KMI), a holding in our Hidden Yields dividend-growth service, to ride the $3 trillion in stimulus the BBB is about to set loose. Why? Two reasons: Now before we go further, you might hear 'pipeline' and think 'master limited partnership,' or MLP. It's true that MLPs mainly run pipelines and energy-storage facilities. That MLP structure can result in higher dividends than you'd get from pipeline operators that operate as regular corporations. But it also means a tax-season headache: MLPs send you a complex K-1 instead of a simple 1099. KMI, however, operates as a corporation, so we don't have the K-1 headache here. And as we'll see in a second, even though KMI's current payout is below that of the typical MLP, it more than makes up for it in share-price growth. DC, Not the Oil Patch, Makes Our Pipeline Case The state of play in DC fills in a lot of our buy case here. Let's start with the BBB, which offers a grab bag of breaks for oil and gas producers. Now, for example, they can write off capital expenses—think equipment and facilities—all at once instead of over a period of years. The law also delays fees on methane emissions to 2035 and allows more access to federal lands for drilling. All of this sets the table for higher oil and gas production. But that's not much help to pipeline operators unless demand picks up, too. Let's talk about that next. A $3-Trillion Tailwind Also thanks to the BBB, Washington's $3+ trillion fiscal 'open bar' is officially flowing. (That's roughly how much the bill would add to federal deficits in the next decade.) Policymakers saw a negative GDP print in Q1 and have revved up the stimulus spigots to avoid a technical recession. Rest assured, Treasury Secretary Scott Bessent and Trump do not want that scarlet letter headed into the midterms, so more moves are likely on the way here. More stimulus = stronger growth and higher demand. But wait, you might be thinking, isn't all that stimulus going to be inflationary? Absolutely! Which is why the administration needs higher oil and gas production—and the lower prices it would bring. KMI a Surprise Winner in Fed Drama Then there's the Fed, which is also under pressure. Will Chair Jay Powell last his final 10 months? I wouldn't bet on it—not when Bessent stands ready to step in and potentially lower the Fed funds rate by 300 basis points almost overnight. Talk about bullish fuel! Which brings us back to KMI, which runs 79,000 miles of pipelines throughout North America, moving crude oil, carbon dioxide and most notably natural gas. A huge 40% of 'natty' produced in the US flows through Kinder's systems—to 139 company-owned terminals storing petroleum products, chemicals and renewables. KMI has been shifting toward natural gas over the years, which is smart, as it's the least offensive of the fossil fuels. That puts it on the right side of regulators, no matter who's in control in DC. It's also helped KMI benefit as renewables have grown, as gas is a reliable backup when the sun isn't shining and the winds are calm. Beyond all that, Kinder's gas focus has put it at the crossroads of other growing trends, like the reshoring of industrial production to America (which has been rolling along since well before tariffs were in vogue) and, of course, AI's ravenous energy demand. 'Take-or-Pay,' Fee-Based Deals Add Stability But what if oil and gas demand, and prices, take an unexpected dip? KMI has us covered there, too, with 64% of its revenue signed under 'take-or-pay' deals and 26% fee-based. Now, remember when I said it often makes sense to buy a 'corporate' pipeline operator like KMI over an MLP? KMI is the poster child as to why: Over the last three years, the stock has outrun the biggest MLP out there, Enterprise Products Partners (EPD), on a total return basis (including price gains and reinvested payouts). That's despite the fact that EPD's yield is almost 60% higher—6.7% as I write this! Kinder is still down about 5% since Inauguration Day and well behind the S&P 500, but I do expect it to bounce. As a 'toll taker' rather than a producer, it generates enough cash flow to support its current dividend and fund future raises. Management expects $5.2 billion of distributable cash flow for 2025, according to its fiscal second quarter earnings report, against only $2.6 billion in dividend obligations. That leaves Kinder with an additional $2.6 billion to invest in growth projects, repay debt and fund its ongoing buyback program. Finally, KMI has something else we love: a lot of insider ownership—a combined 13% stake in the company. That nicely aligns management's interests with ours. KMI is set to report earnings on the evening of July 16, and the stock is below the $30 at which we recommend buying in Hidden Yields. Shares are a buy now, but would be even sweeter on a dip, given the trends—from DC and beyond—they're riding. Brett Owens is Chief Investment Strategist for Contrarian Outlook. For more great income ideas, get your free copy his latest special report: How to Live off Huge Monthly Dividends (up to 8.7%) — Practically Forever. Disclosure: none
Yahoo
14-07-2025
- Yahoo
7 Common Tax Planning Mistakes To Fix Before 2026, According to a CFP
Let's be honest: Tax planning isn't exactly fun (nor is paying taxes). But ignoring it could mean parting with money you didn't have to. Find Out: Read Next: If you're making one of these seven common tax planning mistakes — and many people are — you could face higher tax bills or missed opportunities come 2026. Christopher Stroup, a CFP and founder of Silicon Beach Financial, explained what to watch out for and how to get ahead of the curve. Tax planning should be 'proactive, not reactive,' Stroup insisted. 'When you wait until March, most of the best opportunities are already gone.' In fact, even sooner than that, as by year-end many strategies are off the table, especially for equity compensation (non-cash pay, such as stock), retirement savings and charitable giving, Stroup said. 'Last-minute tax planning tends to be reactive, rushed and sloppy. Real tax savings require time to coordinate across your income, goals and entity structure.' By waiting until the end of the year, you could be failing to coordinate with your financial goals at best or missing important deadlines and subjecting yourself to higher tax or penalty fees. Learn More: Another common mistake is neglecting to track your cost basis, especially for stocks, crypto or equity compensation, Stroup said. Your cost basis is essentially what you originally paid for an investment, including commissions or fees. It's easy to lose records over time he said, but if you don't have documentation to prove it, you could be taxed as if the entire sale was profit — even if you only made a modest gain or none at all. If you experienced a job change during the year but fail to account for it in your withholding — the amount of taxes you pay — this could cause problems, Stroup said. 'A second job or dual-income household might bump you into a higher bracket. If you don't update your W-4 or check your withholding early, you might face an unexpected tax bill and possibly a penalty.' If you earn income that must be reported on a 1099, either as a business owner or freelancer/contractor, you're expected to pay estimated quarterly taxes. 'Many freelancers forget to account for self-employment tax, which can add 15.3% to their liability,' Stroup said. Unfortunately, if you underpay your estimated taxes, the IRS may charge penalties, even if you're due a refund later, Stroup warned. 'Accurate quarterly payments protect cash flow and avoid year-end sticker shock,' he said. For eligible taxpayers, some credits can reduce your tax bill 'dollar for dollar,' Stroup said, but many people assume they don't qualify without even checking. A few of these credits include: Saver's credit (for low- to moderate-income retirement savers) QBI deduction (for self-employed and pass-through business owners) Health savings account contributions Education credits like the lifetime learning credit Recently President Donald Trump signed the 'One Big Beautiful Bill' (BBB) into law, which maintains many of the tax cuts from the Tax Cuts and Jobs Act of 2017 and adds other tax changes. It's important to plan for how this will impact next year's taxes, especially as some of the provisions are retroactive to 2025. 'Start modeling different scenarios now. Look at whether Roth conversions, income acceleration or trust updates make sense under current rules,' Stroup said. The 2026 sunset could bring higher income, estate and capital gains taxes. Early action lets you use today's lower rates strategically. When your financial life gets more complex than a W-2 and a 1099-INT, it's time to bring in the professionals, Stroup said. If you're dealing with equity comp, restricted stock units (RSUs), multiple income streams, business ownership and/or changing tax law, these all signal it's time to partner with someone who can go beyond filing and focus on building after-tax wealth. More From GOBankingRates Mark Cuban Tells Americans To Stock Up on Consumables as Trump's Tariffs Hit -- Here's What To Buy This article originally appeared on 7 Common Tax Planning Mistakes To Fix Before 2026, According to a CFP
