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2025 tax law changes are already affecting taxpayers and business owners, yet many people still do not understand what actually changed. In this episode, host Tom Wheelwright sits down with Andrew Lautz, Director of Tax Policy at the Bipartisan Policy Center, to explain the new rules and why they matter before you file.

Tom and Andrew break down the updated SALT deduction cap, the hidden marriage penalty inside the new $40,000 limit, and how retroactive policy shifts impact your return. They also examine how R&D expensing and bonus depreciation changes alter business deductions and cash flow planning.

You will learn:

• How the new SALT cap affects high-earning households and entrepreneurs
• Why the marriage penalty appears under the updated deduction rules
• What the IRS staffing shortage means for audits and refunds
• How retroactive R&D rules affect business tax filings
• What tax strategies business owners should implement immediately

Andrew Lautz explains how policy decisions in Washington translate directly into real financial consequences for individuals and companies. Tom focuses on proactive planning so taxpayers can respond strategically instead of reacting after filing season.

This topic matters now because filing mistakes, missed deductions, and delayed refunds often occur when tax laws change quickly. Knowing the rules early allows investors and entrepreneurs to protect cash flow, minimize tax liability, and make smarter financial decisions before the deadline.

Order Tom’s book, “The Win-Win Wealth Strategy: 7 Investments the Government Will Pay You to Make” at: https://winwinwealthstrategy.com/

00:00 – Intro. 02:16 – What Entrepreneurs Need to Pay Attention To.
07:48 – Single Tax Filers, Married Filers, and Child Tax Credit.
09:20 – Employer’s Responsibilities on Overtime & Tips.
14:23 – Major Changes to Look Out For.
15:30 – Changes for 2026.
19:35 – IRS Challenges: Shortage, Technology, Paper vs. Digital Filing.
27:07 – Short Term & Long Term Reforms.
29:16 – Bipartisan Policy Making.
34:09 – Tips for Entrepreneurs & Investors This Tax Season.
36:22 – Closing Statements.

Looking for More on Andrew Lautz?
Website: https://bipartisanpolicy.org/
Twitter/X: https://x.com/andrew_lautz

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DISCLAIMER: WealthAbility® does not provide tax, legal or accounting advice. The materials provided have been prepared for informational purposes only, and are not intended to provide tax, legal or accounting advice. The materials may or may not reflect the most current legislative or regulatory requirements or the requirements of specific industries or of states. These materials are not tax advice and are not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Readers should consult their own tax, legal and accounting advisors before applying the laws to their particular situations or engaging in any transaction.