The One Big Beautiful Bill, as the new tax bill is called, makes some significant changes to Americans’ personal finances.

At close to 1,000 pages, the legislation makes permanent the 2017 tax cuts and introduces new tax breaks—including deductions for tips, overtime pay, and auto loan interest—and gives a special $6,000 deduction for seniors who receive Social Security.  (I figured it will save me about $1,400 a year in taxes.  WooHoo!)

The bill makes cuts to begin eliminating fraud in social programs such as Medicaid and food assistance, eliminates tax incentives for clean energy, and overhauls the federal student loan system.

So, what does it mean for your wallet?

Savings bonds for a long time have been a popular investment to add to your portfolio.  They provide some stability to your investments, a guaranteed rate of return, and can help you save on your taxes.  Some investors have owned Series I savings bonds for many years, and the 30-year maturity date might be approaching. Others have bought them in recent years to insulate their portfolios from inflation and the ups and downs in the stock market.  Either way, you should be aware of the federal income tax rules.

After doing people''s taxes for over two decades, one of the worst parts of it is when your client''s die and you have to help pick up the pieces.   It is sad that in so many households only one of the spouses does all the accounting and taxes. If that spouse dies first, time and again I have found that the remaining spouse has no clue where to even start to put all the financial pieces together again.

It gets to be an even bigger challenge if the remaining spouse dies and the siblings have to figure things out, like distributing the assets or filing the final tax returns. So what happens when someone dies during the year and has a tax filing obligation?

IRS sends notices and letters when it needs to ask a question about a taxpayer’s federal tax return, let them know about a change to their account or request a payment. Don’t panic! They say they’re there to help.

When a taxpayer receives mail from the IRS, they should:

1) Read the letter carefully. Most IRS letters and notices are about federal tax returns or tax accounts. Each notice deals with a specific issue and includes any steps you need to take. A notice may reference changes to a taxpayer's account, taxes owed, a payment request or a specific issue on a tax return. By taking prompt action, you can minimize additional interest and penalty charges.

It seems that you can find a study about just about anything these days.  I was readying about a study that  was done at the University of Michigan, using data from the U.S. Treasury Department to determine if it matters whose name is listed first on a tax return.

The study - titled "Who''s on (THE 1040) First? Determinants and Consequences of Spouses'' Name Order on Joint Returns" -  suggests the answer could be yes — that the tax return name order may hold some clues about social dynamics and beliefs.

Property tax rates are on the rise nationwide, creating challenges for many homeowners, including retirees. Data shows that last year’s property tax bills increased up to 30% in some places. 

If you own a home, you can''t avoid property taxes altogether without risking penalties. However, some strategies and programs, an lower your property tax bills and help your budget.

Property tax exemptions

Exemptions are a common method for lowering property taxes. Please note that the specific requirements and exemption amounts can vary widely by state and even by county within a state. It''s best to check with your local tax assessor''s office for the most accurate and up-to-date information.

Here are some the more common property tax exemptions that could help your budget.

One of the more interesting questions I get now and then is "I heard that I can hire my kid and save on my taxes.  Is that true?

The answer to that is yes - IF you follow the IRS rules.   I think their is a better reason to hire your children, though.  It is the best education they can learn to prepare them for life after they move out of your house - from either an employee''s point of view or a business owner''s point of view or both.

Here’s what you need to know. 

There has been a lot of political talk lately about no longer taxing Social Security payments. (Like they promised when it was created back in the Roosevelt administration.)

Former President Donald Trump, in a campaign promise, vowed to eliminate taxes on Social Security benefits. “Seniors should not pay taxes on Social Security,” Trump wrote on the social media platform Truth Social, which he also repeated several times during his campaign run.

This proposal would impact as upwards of 67 million taxpayers who currently claim monthly retirement and disability program benefit checks if it happens.  While the idea sounds great, this proposal to end Social Security taxes could destabilize your benefit amount in the long term.