President Donald Trump’s landmark federal tax bill, the One Big Beautiful Bill, promises to provide substantial savings for American families — and Grant Cardone, a private equity fund manager and real estate investor, believes it will deliver on that promise.
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Here are the new tax laws that Cardone said will keep more money in your pocket.
Immediate Tax Write-Offs for Business Purchases
Under Trump’s tax bill, businesses can now immediately deduct the full cost of certain purchases, including equipment, machinery and vehicles.
“That allows you to accelerate that tax [deduction] in year one, even if you owned it for one day,” Cardone told GOBankingRates while discussing the 10X Wealth Plan, a personalized financial coaching program. “That is a monster benefit.”
Prior to the bill’s passing, businesses could only deduct part of the cost each year. Now, they’ll pay less in taxes right away and can use these extra funds to reinvest or grow their businesses.
Learn More: 5 Ways Trump’s ‘Big, Beautiful Bill’ Could Impact Your Wallet
Tip Income Deduction
The One Big Beautiful Bill also introduces “no tax on tips.” Under the new law, tipped workers can subtract up to $25,000 of their tip income from their taxable income when filing federal taxes.
“You now can not pay taxes on $25,000 — that’s great,” Cardone said.
Overtime Pay Deduction
Trump’s tax bill now allows workers to deduct some of their overtime pay from their taxable income, meaning they pay less in federal income tax on that money. Eligible W-2 employees can deduct up to $12,500 of overtime pay from their taxable income, or $25,000 if they’re married and file jointly.
Cardone also believes this change will be beneficial to many hardworking Americans.
“Most Americans don’t even consider tax an expense when it’s the No. 1 expense,” Cardone said. “To create a wealth plan, the goal would be, ‘How do I reduce my taxes?’ Because that is my largest expense. The first expenditure every family should understand is their taxes.”
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This article originally appeared on GOBankingRates.com: Grant Cardone: 3 Things in Trump’s Tax Bill That Can Save You Big Money
