3 minute read
"Can I Make You a Phaseologist?"
I cheated.
I called myself a Phaseologist, someone who can recite the phaseouts for just about every tax item - from IRAs and Roth contributions to child credits and student loan deductions.
Then the One Big Beautiful Bill Act (OBBBA) passed - with new phaseouts for the Senior Deduction and State and Local Tax (SALT) cap relief.
But I must confess. I did not have them memorized...
So I made a cheat sheet.
Now I am sharing it - so you can become a Certified Phaseologist, too.
- I gathered the most common provisions with income limits to give you one simple reference that covers them all.
As a Phaseologist, you’ll master these complex income thresholds and understand how they interact with the financial planning you do with your clients.
And with the One Big Beautiful Bill Act introducing even more phaseouts, this knowledge is not just helpful, it is what sets you apart. Because higher income doesn’t always mean lower taxes when phaseouts enter the picture.
Click the Chart Below (Or This Link) for the Full Phaseout Guide
So, Download it. Print it. Bookmark it. Use it in every meeting.
Because when it comes to taxes, being a Phaseologist makes you a better planner - and a more trusted advisor.
So go ahead - cheat like I did (just do not forget to share it with your team.)
Happy planning,
Your Fellow Phaseologist
Sources:
(1) What to Know About the New Tax Deduction for Older Adults, by AARP, July 8, 2025, https://www.aarp.org/money/taxes/what-to-know-new-tax-law-2025.html
(2) Trump’s ‘big beautiful bill’ could deliver 45.5% ‘SALT torpedo’ for high earners, tax pro says, by CNBC, July 11, 2025, https://www.cnbc.com/2025/07/11/trump-big-beautiful-bill-salt-tax.html#:~:text=How%20the%20SALT%20deduction%20phaseout,a%20LinkedIn%20post%20last%20week.
(3) Some car buyers will get a tax break this year from the "big, beautiful bill." Here's how it works, by CBS News, July 14, 2025, https://www.cbsnews.com/news/auto-loan-interest-deduction-big-beautiful-bill-how-it-works-cbs-news-explains/#:~:text=What%20are%20the%20income%20limits,couples%20with%20incomes%20above%20$250%2C000.
(4) Child Tax Credit for 2024 – 2025, by Intuit Turbotax, updated July 17, 2025, https://turbotax.intuit.com/tax-tips/family/child-tax-credit/L9ZIjdlZz
(5) What Is Trump’s Plan for Taxes on Overtime?, by smartasset, July 11, 2025, https://smartasset.com/taxes/trump-overtime-tax-plan
(6) New 'No Tax on Tips' Bill Approved for 2025: What to Know Now, by Kiplinger, n/d, https://www.kiplinger.com/taxes/no-tax-on-tips-bill-approved
(7) 2025 IRA contribution and income limits: what retirement savers need to know, by Bankrate, April 25, 2025, https://www.bankrate.com/retirement/401k-ira-contribution-and-income-limits/#:~:text=For%20traditional%20IRAs%2C%20the%20limits%20on%20MAGI,INCOME%20FOR%20FULLY%20DEDUCTIBLE%20CONTRIBUTION%2C%20DEDUCTIBILITY%20PHASES
(8) What is the American Opportunity Tax Credit?,, by Intuit Turbotax, February 6, 2025, https://turbotax.intuit.com/tax-tips/college-and-education/what-is-the-american-opportunity-tax-credit/L1Mzj4ybX
Disclosures:
This communication is general in nature and provided for educational and informational purposes only. It should not be considered or relied upon as legal, tax or investment advice or an investment recommendation, or as a substitute for legal or tax counsel. Any examples are hypothetical and are for illustrative purposes only.
Information contained in the materials included is believed to be from reliable sources, but no representations or guarantees are made as to the accuracy or completeness of information.
IRS Circular 230 Disclosure: To ensure compliance with requirements imposed by the IRS, we inform you that any U.S. federal tax advice contained in this communication (including any attachments) is not intended or written to be used, and cannot be used, for the purpose of (i) avoiding penalties under the Internal revenue Code or (ii) promoting, marketing or recommending to another party any transaction or matter addressed herein.
Dunham & Associates Investment Counsel, Inc. is a Registered Investment Adviser and Broker/Dealer. Member FINRA / SIPC. Advisory services and securities offered through Dunham & Associates Investment Counsel, Inc.