New Tax Breaks for Parents: What the One Big Beautiful Act Means for Your Family

New Tax Breaks for Parents: What the One Big Beautiful Act Means for Your Family

Are rising prices stressing your family budget? You're not alone, and there's some good news on the tax front. In this solo episode, host Deb Meyer breaks down the most family-friendly tax updates from the One Big Beautiful Bill Act (HR1) and how they could impact your wallet starting in 2025.

This episode is a must-listen for parents looking to maximize tax savings, understand new credits, and unlock new opportunities for education savings, childcare, and even family car purchases.

Deb spotlights five major tax updates that could create real opportunities for families:

  • (8:55) A bigger child tax credit for families with kids under 18

  • (10:57) Higher pre-tax limits for childcare costs through dependent care FSAs

  • (11:49) New 529 plan rules that give families more flexibility for K–12 and special needs expenses

  • (13:52) A brand-new tax-free savings account for children, including a government-funded jumpstart

  • (15:09) More refundable adoption credits for families expanding through adoption

Plus, she shares key distinctions between credits and deductions (and why that matters), and what income thresholds to watch to make sure your family qualifies.

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Connect with Host Deb Meyer, CFP®

Founder of WorthyNest®, helping faith-driven parents build financial plans that reflect their values.

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Resources

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Episoder(64)

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