Well, that was a dramatic pause! It was not my plan to launch a book and then go radio silent. 

When last you heard from me, it was via video newsletter because I had been in a car accident, on the afternoon of the book launch. Given all the action around the tax bill,  I thought I’d be back at it the following week. 

I’ll be honest -- I read the bill, and it broke my heart. I couldn’t find a professional distance from the realities of what this tax bill will mean for most Americans. And sitting in on gleeful tax accounting webinars made it worse. 

I didn’t know what to write to you constructively. My bad attitude was punctuated by exhausting recovery treatments. In mid-July, I mustered my energy, organized my client work, and took a real week off. Completely off, in a way I haven’t been since the summer of 2022. No parenting, no work, phone on do not disturb. I rented a retro trailer and walked miles by the ocean. I read The Confessions by Paul Bradley Carr in one day. I ate fresh seafood and tacos at coastal shacks. I drove the long way back via the Oxnard strawberry fields and down PCH, through the January LA fire zone, which I hadn’t really processed. 

And I spent time with friends. I let people help me. We talked about the things we will make, the gatherings we’ll have, the events we’ll attend, and the support we need now.

I needed some space to not know the answer, and for that to be okay. 

So while we all want to know what the OBBB means for us, please give it a little bit of time. Your professionals are also figuring out what to do for you, as the language in the bill has to be interpreted by the Treasury Department. That may take a few months, and the interpretation will evolve as we go through a filing cycle.

With that in mind, be aware of these time-sensitive changes:

• Student loans: As of August 1, student loans in forbearance under the SAVE program have started to accrue interest. If you don’t want your balance to balloon, consider making optional payments. If your loans were taken before 2014, you can still follow the original IBR program. After 2014, you’ll be forced into the new Repayment Assistance Plan (RAP) at your next requalification. More info here.

• EV credits: If you’re in the market to buy or lease an electric vehicle (EV), the tax credit of $7,500 will expire on September 30. Lease credits are available at all income levels; purchase credits are subject to income caps. Thanks to a glut of available Teslas, many brands are offering generous supplemental credits on their 2025 EV models. (I replaced my totalled 2017 RAV4 with a leased 2025 IONIQ 5.)

• Energy efficiency credits: If you plan to claim home or office green energy improvement credits, your project needs to be scoped and under way by December 31.

• Venmo and PayPal reporting: Remember how you were getting a 1099-K for anything over $600 this year? Nope! The OBBB raises the threshold back to $20,000 or more than 200 transactions. Do with that information what you will. It remains your responsibility to report all earned income. 

Beyond that, 2017 temporary tax provisions like QBI and R&D credits have become “permanent,” meaning they will be in effect until a new tax bill comes along. When you check in on your Q3 estimated tax payments (due September 15), be ready to give your tax pro some background on how you see the rest of the year playing out. Q4 tax evaluations will be especially important this year. 

I expect many of us to be impacted by higher 2026 health insurance costs. I’ll update my annual guide in October. If you have a small group policy, assume at least a 15% increase in premiums. If you receive an ACA subsidy, unless Congress takes action this fall, that will be gone in 2026. Book your preventative care appointments now. 

I have all kinds of opinions on economic impacts we’ll be seeing in the next few months, just in time for 2026 planning. Look for those in August and September editions.

You’re a small business owner -- you’re used to dealing with unexpected changes and finding opportunities. Make the space that you need to recharge so you can stay nimble.

September 15: 

• Q3 estimated tax payments due

• 2024 tax filing extension deadline for K-1s and S-corp filings

October 1: Deadline to complete set up of a new 2025 Safe Harbor 401k for current year contributions  

October 15: 

• 2024 extension tax filing deadline for personal, solo LLC, and C-corps

• 2024 business and personal tax filing extension and payment deadline for Los Angeles County under FEMA emergency l

Thanks to you, The Wisdom Collection became a #1 international bestseller! Many of you asked me about the print edition. Paperback copies are available now from Amazon. 

I have a few signed copies to give away -- watch this space for how to get one.

If you enjoyed the anthology or my chapter, please leave us a 5-star review.

Is it a hobby or a business, and does it really matter? Love a business tax deduction? Then you better make sure you’re a real business and not a hobby. The IRS uses a list of questions to sort it out: Are you trying to make a profit? Do you depend on the income? Are you keeping books and records, adjusting your strategy, or reinvesting some of your earnings into the company?  This isn’t about vibes—it’s about operations and intent. More from the IRS here.

But are you really 18?: You may have noticed new age gating requests popping up on websites, and it might be something you need to consider if you have products or services that could be deemed expressions of adulthood. The Supreme Court’s decision in Free Speech Coalition v. Paxton shifted precedent from user privacy to verifying age for any content deemed “adult.” States can now regulate online content in the name of protecting minors.

Pass the cassava flour: Earlier this year, my favorite gluten-free, family-run tortilla brand, Siete Foods, sold a majority stake to PepsiCo for $1.2 billion. But CEO Miguel Garza isn’t cashing out and disappearing. Instead, he’s doubling down on the mission that built the brand: making Mexican-American heritage visible on grocery shelves. This Inc Magazine profile is a masterclass in scaling with integrity. (And Siete Foods remains one of my favorite episodes of How I Built This.) 

Speaking of media: While I was out, my awesome team added a Media page to our website. If you’re looking for my book, press mentions, or podcasts, check it out.