Belk On Business

Welcome back to Belk on Business! I’m Josh Belk, and today I’m diving into another round of tax law updates from the recently passed “big beautiful bill.” This episode is all about understanding how some of the most impactful elements—like the tax bracket changes, SALT deduction cap, and Qualified Business Income (QBI) deduction—will affect you and your business.If you’re a business owner, high-income earner, or just someone wanting to maximize your tax savings, this episode walks you through the practical implications of these changes and what steps you should consider before year-end to stay ahead.3 Key TakeawaysLower Tax Brackets Are Now Permanent: All tax brackets—except the top one—have been permanently reduced, benefitting low- and middle-income earners the most.SALT Deduction Cap Increased Temporarily: From 2025 to 2028, the state and local tax deduction cap jumps to $40,000 for taxpayers earning under $500K.QBI Deduction Rules Refined: While the 20% QBI deduction remains, income thresholds and busines