Three of the biggest headlines from the One Big Beautiful Bill Act are no tax on Social Security, no tax on tips, and no tax on overtime. But as a financial advisor in Lexington, Kentucky, the first thing I want my clients to understand is that these names are a little misleading.

These aren't full exemptions. They're deductions. The income still gets reported. You just owe less tax on it. That distinction matters, because the planning opportunity is different depending on your situation.

This is week one of our six to seven week series on the One Big Beautiful Bill Act on The Groundwork.

WHAT YOU'LL LEARN

•      What 'no tax on Social Security' actually means: an extra $6,000 deduction for single filers and $12,000 for married filing jointly for anyone 65 or older

•      What 'no tax on tips' means: up to $25,000 of qualified tips can be deducted for those in tipped occupations

•      What 'no tax on overtime' means: a $12,500/$25,000 deduction on FLSA overtime pay for W2 employees, federal income tax only

•      What all three have in common: no itemizing required, they run 2025 through 2028, and they phase out starting at $75,000 for single filers and $150,000 for married filing jointly

•      Why these are deductions, not exemptions, and why that distinction matters

•      The Roth conversion opportunity for those 65 or older

•      How working filers receiving tips or overtime can use this breathing room to pay down debt or boost savings

•      Why the planning starts now, not at tax season

Not sure how these changes affect your situation? That's exactly what this conversation is for.

If you're a family in Lexington, Central Kentucky, or anywhere across the Bluegrass, and you want to understand what these OBBBA changes mean for your financial picture or plan, I'd be glad and honored to sit down with you and walk through it.