Episode 25

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Published on:

18th Jul 2025

New Tax Bill Explained: Small Business Owners, Don’t Miss This

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In this episode of the Next Gen Strategies Podcast, Grant Covault and Tyler Davis break down the newly signed “one big beautiful tax bill.” They discuss permanent changes like extended tax rates, higher standard deductions, and the qualified business income deduction, as well as new benefits such as tax-free cash tips, overtime pay exclusions, and increased estate tax exemptions. The episode also covers expanded credits for families, seniors, and charitable giving, plus updates to SALT deductions and 1099 reporting. Listeners gain practical insights on how these sweeping tax reforms impact individuals, business owners, and entrepreneurs.



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About the Podcast

NextGen Strategies
Welcome to the NextGen Strategies Podcast, the podcast for modern strategies to help family-owned, small businesses grow and compete.

Join long-time friends Grant Covault, marketing strategist and owner of GC Strategies, and Tyler Davis, CPA and owner of DAT CPA, as they interview subject experts on a variety of subjects such as leadership, marketing, finance, operations and much more.

If you are a current business leader, aspiring entrepreneur, or just someone looking to get the scoop on the latest and greatest happenings in the world of business, this pod is for you!

About your hosts

Tyler Davis

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As a CPA and financial strategist, I leverage my knowledge in finance and accounting to help small businesses and individuals thrive in a rapidly changing market. Check us out at www.datcpa.net

Grant Covault

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As a FCMO (Fractional Chief Marketing Officer) serving small businesses around the country, I'm blessed to be able to use my God-given skills to help businesses and their leaders creatively compete in ever-changing and difficult markets. Check us out at www.thegcstrategies.com and connect with me on Linkedin!