Tag: Wealth Building Strategies

How the “One Big Beautiful Bill” Could Save (or Cost) You Thousands (Ep. 63)

How the “One Big Beautiful Bill” Could Save (or Cost) You Thousands (Ep. 63)

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The “One Big Beautiful Bill Act” (OBBBA) is now law, and it’s packed with new deductions, credits, and incentives—but also with phaseouts and timing traps that could wipe away your benefits. In this episode of Maximizing Outcomes®, Jim McGovern walks through the key provisions that impact individuals, retirees, and business owners, and shares practical ways to turn these tax changes into opportunities.

From the expanded SALT deduction and senior tax breaks to powerful business-owner strategies like qualified small business stock exclusions, Jim breaks down what’s changed, what’s stayed the same, and how to align your financial decisions with the new rules.

What You’ll Learn

  • How the new SALT deduction works—and when higher income can erase the benefit.
  • Why the new senior deduction could be worth up to $12,000, and how Roth conversions can backfire.
  • Key tax breaks for tips, overtime, and U.S.-assembled car loan interest.
  • How “Trump Accounts” for kids function like a Roth IRA with no income requirement.
  • Game-changing business-owner provisions, from QBI to qualified small business stock.

Why Listen
If you want to keep more of your money under the new tax law, timing, income thresholds, and proactive planning are critical. Jim shares real-world examples showing how small missteps can cost thousands—and how to position yourself for the biggest wins.

👉 Schedule a tax planning review today at mcgovernwealth.com to see how this episode’s strategies apply to your situation.

Resources

Connect with McGovern Wealth Group

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Navigating Employee Stock Options, RSU’s and Stock Purchase Plans (Ep. 58)

Navigating Employee Stock Options, RSU’s and Stock Purchase Plans (Ep. 58)

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Stock benefits can be a powerful tool for building wealth, but they often come with confusion and hidden risks.

How do stock options, RSUs, and employee purchase plans work? What tax implications should you consider? How can you protect yourself from overconcentration in company stock?

In this episode, Jim McGovern breaks down different types of stock benefits, explaining how they function, their tax implications, and the risks involved. He provides insights on when to exercise options, how to diversify, and strategies for hedging against potential losses.

Jim discusses:

  • The differences between stock options, restricted stock units (RSUs), and employee stock purchase plans, including how they are granted, vested, and taxed
  • The risks of holding too much company stock, including historical data on stock declines and why diversification is key
  • Tax implications of incentive stock options (ISOs) and non-qualified stock options (NSOs), including how timing affects tax rates
  • How restricted stock units (RSUs) provide a more straightforward benefit compared to stock options and why many large companies prefer them
  • Hedging strategies to protect against stock declines while still maintaining potential for future gains
  • And more

Resources:

Connect with McGovern Wealth Group:

Podcast: Play in new window | Download (Duration: 35:12 — 32.2MB) | Embed

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