Austin Stuhr, LPL Financial Advisor with Cornerstone Investments, is a proud native of the Henderson-Bradshaw area and a 2017 graduate of Heartland High School. He earned his bachelor’s degree in Agribusiness from Northwest Missouri State University in 2021, where he played football and was a member of Alpha Gamma Rho (AGR).
Austin remains active in the community as a high school track and field coach at H&H (Heartland Community Schools and Hampton Public Schools) and as a volunteer firefighter for the Bradshaw Fire Department. He joined Cornerstone Investments in February 2025 and provides personalized investment guidance and planning to both new and existing customers at any of our local Cornerstone Bank branches.
Austin offers free consultation meetings and welcomes the opportunity to help you reach your financial goals.
What the “One Big Beautiful Bill Act” Means for You
So what is so “Big and Beautiful” about this 900+ page Bill? Let’s break it down.
1. Individual Tax Rates (Permanent)
The 2017 Tax Cuts and Jobs Act (TCJA) was set to expire in 2025, which had many households bracing for higher taxes. But the OBBBA makes those tax rates permanent.
Here’s what that means:
- The current seven tax brackets (10% through 37%) remain in place with no increases.
- The standard deduction is now permanently larger:
- $31,500 for joint filers
- $23,625 for heads of household
- $15,750 for single filers
- Plus: Seniors 65+ can deduct an additional $6,000 each through 2028.
Takeaway: This brings some much-needed clarity and makes long-term retirement and income planning more predictable.
2. Family-Friendly Tax Changes (Permanent)
Child Tax Credit
The Child Tax Credit was increased to $2,200 per child, and it’s now indexed for inflation. Income phase-outs begin at:
- $200,000 for single filers
- $400,000 for married couples
New “Trump Accounts” for Children (Temporary)
Children born from 2025 to 2028 will automatically get a $1,000 federal deposit into a new tax-deferred savings account. Families can contribute up to $5,000 per year while employers can make up to a $2,500 per year contribution in nontaxable contributions per employee with all funds growing tax-free until the child turns 18.
Takeaway: Great for families planning ahead for education, a first home, or launching a child into adulthood.
3. New Deductions for Everyday Working People (Temporary except Charitable Giving is Permanent)
- Auto Loan Interest Deduction: Deduct up to $10,000/year in interest for new U.S.-assembled vehicles purchased between 2025–2028.
(Phases out above $100K/$200K income) - Tip Income Deduction: Up to $25,000/year in reported tip income can be deducted for workers earning under $150K ($300K if married).
- Overtime Pay Deduction: Up to $12,500 (single) or $25,000 (joint) in deductible overtime pay through 2028.
- Charitable Giving for Everyone: Starting in 2026, if you don’t itemize, you can deduct up to $2,000 (joint) in charitable donations. If you do itemize, the Act introduces a new 0.5% AGI floor limit so only charitable gifts that exceed 0.5% of adjusted gross income will be deductible.
Takeaway: If you’re a tipped worker, middle-income family, or someone buying a car soon, there’s real money on the table here.
4. Lifetime Gift and Estate Tax Exclusion (Permanent)
- Act permanently increases the estate and lifetime gift tax exemption to an inflation indexed $15 million for single filers and $30 million for joint filers beginning in 2026. This is a significant increase from the previously scheduled drop in 2026 (to roughly $7 million under pre-OBBB law)
Takeaway: High-net -worth individuals now have greater certainty and a powerful opportunity for long-term estate planning
5. SALT Deduction: A Break for High-Tax States (Temporary)
The cap on deducting state and local taxes (SALT) is temporarily raised from $10,000 to $40,000 for incomes under $500,000. This change lasts through 2029, then reverts to the old cap.
Takeaway: While Nebraska isn’t a high-tax state, if you itemize and pay high property taxes, this could still help.
6. Business, Farm & Investor Incentives (Permanent)
Whether you own a small business or farm the One Big Beautiful Bill Act (OBBBA) delivers several powerful tax-saving opportunities—especially for pass-through entities like LLCs, S corps, partnerships, and sole proprietorships.
- 20% QBI Deduction Made Permanent
- Owners of pass-through entities can now permanently deduct 20% of qualified business income (QBI). This is especially beneficial for farmers and self-employed individuals optimizing their taxable income.
- 100% Bonus Depreciation Extended
- You can fully expense qualifying equipment, grain bins, irrigation systems, buildings, and capital improvements placed in service through 2029. This is ideal for managing higher-income years and making large purchases more tax-efficient.
- Section 179 + Bonus Depreciation Synergy
- Section 179 still allows businesses to expense large purchases immediately—tractors,trucks, tools, grain dryers, etc. When combined with bonus depreciation, the result is maximum up-front write-offs.
- R&D Expense Deductions Restored
- Businesses (including ag operations with qualifying innovation or conservation practices) can once again fully deduct research and developmentcosts in the year incurred.
- Interest Deduction Loosened (EBITDA-Based)
- Companies and farms that carry debt—like equipment loans or operating lines—can now deduct more of their interest expenses, thanks to the return of EBITDA (instead of EBIT) as the standard.
7. Green Energy Rollbacks (Permanent)
Clean energy credits introduced under the Inflation Reduction Act are being rolled back or eliminated:
- EV Credits End: After September 30, 2025, credits for new and used electric vehicles are gone.
- Home Energy Credits Cut: Solar panel and energy-efficiency upgrade credits end after 2025.
- Charging Station Credits Gone: Phased out by mid-2026.
Takeaway: If you’re planning to go electric or solar—move quickly to take advantage of the current tax incentives.
8. Cuts to Government Benefits
The bill also includes substantial cuts to government programs:
- Medicaid: Over $1 trillion in cuts, plus stricter work and eligibility requirements. Some expansion populations and Planned Parenthood clinics will be affected.
- SNAP (Food Stamps): Work requirements now apply to adults up to age 64 and some parents of school-age children.
- Cost Shift to States: Nebraska will have to begin covering 5% of SNAP benefits by 2028.
Takeaway: If you or a loved one depends on Medicaid or SNAP, now’s the time to understand the new rules and plan ahead.
Final Thoughts: What Should You Do Now?
Whether you’re a retiree, business owner, parent, or farmer, this new law affects you. The changes bring new opportunities and some risks if you’re unprepared.
I recommend that you:
- Revisit your 2025 tax strategy
- Review your estate plan
- Evaluate your charitable giving
- Plan for benefits eligibility if applicable
- Optimize your business or farm structure
This information is not intended to be a substitute for specific individualized tax advice. We suggest that you discuss your specific tax issues with a qualified tax advisor.
