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With recently expanded tariffs on imports from Canada and China, some tax credits sunsetting and inflation on the creep, everything is more expensive.Find Out: Trump Said He’d Lower Grocery Prices on Day 1: See Where They Stand NowRead Next: How Middle-Class Earners Are Quietly Becoming Millionaires — and How You Can, TooChad D. Cummings, Esq., a financial planning and tax attorney, CPA and owner of Cummings & Cummings Law, cautioned that, “Tariffs and taxes must be part of the same conversation, as they are different sides of the same coin.”He pointed out that these policy shifts and others from the bill could raise the average family’s annual spending by more than $2,000 without any matching wage growth. To respond to these cost pressures, here are seven ways to hold onto more of your money.A common problem that many taxpayers make is overwithholding on their employment income. While this results in a tax refund, it also gives the government an interest-free loan, in essence, Cummings said. He recommended you adjust withholdings now through your employer’s payroll provider, which could net you several hundred dollars more in take-home pay per month.“It would be better to have less taxes taken out all year and redirect some of that money into a pretax retirement plan to keep more money in your own pocket,” added Joel Steele, co-founder, owner and financial advisor of Steele Financial Solutions.The power of investing over a long period of time is way more powerful than an end-of-year refund.Learn More: 4 Ways Trump’s ‘Big Beautiful Bill’ Will Change How You Plan for RetirementBe sure to take advantage of any tax breaks that the bill introduced or is phasing out. For example, Cummings suggested that high earners maximize the 20% qualified business income (QBI) deduction before it potentially expires. And owners of pass-through businesses, including freelancers and side hustles, should consider “accelerating income in 2025,” he urged.The OBBBA increased the state and local tax (SALT) deduction to $40,000, Steele explained, a big one to claim. “You can also make charitable contributions of cash or stuff up to $1,000 per person as an above the line deduction,” Steele said. This means you don’t have to itemize to get credit for it.This is the time to make savings second nature. “Forced savings is the best and easiest way to carve out some of your income right off the top,” Steele said.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,728.80 +8.48 (+0.13%)Dow 3046,987.10 +74.80 (+0.16%)Nasdaq23,004.54 -49.46 (-0.21%)Russell 20002,432.82 +14.00 (+0.58%)VIX19.08 -0.42 (-2.15%)Gold4,009.80 +18.80 (+0.47%)PortfolioSign in to access your portfolioSign inTop gainersGMED Globus Medical, Inc. 83.89 +22.18 (+35.94%)FROG JFrog Ltd. 60.00 +12.74 (+26.96%)EOSE Eos Energy Enterprises, Inc. 18.26 +2.97 (+19.42%)OS OneStream, Inc. 22.74 +3.66 (+19.18%)EXPE Expedia Group, Inc. 258.25 +38.55 (+17.55%)Top losersUI Ubiquiti Inc. 612.19 -147.38 (-19.40%)PRMB Primo Brands Corporation 14.46 -3.24 (-18.31%)RUN Sunrun Inc. 17.13 -3.29 (-16.11%)DIOD Diodes Incorporated 44.28 -7.53 (-14.53%)DOCS Doximity, Inc. 54.29 -8.29 (-13.25%)Most activeNVDA NVIDIA Corporation 188.15 +0.07 (+0.04%)OPEN Opendoor Technologies Inc. 6.56 0.00 (0.00%)ACHR Archer Aviation Inc. 8.18 -0.70 (-7.88%)PLUG Plug Power Inc. 2.6500 +0.1400 (+5.58%)PFE Pfizer Inc. 24.43 +0.01 (+0.04%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBTC-USD Bitcoin USD 101,759.87 -391.45 (-0.38%)PYPL PayPal Holdings, Inc. 66.22 -0.04 (-0.06%)ETH-USD Ethereum USD 3,412.44 -27.16 (-0.79%)XRP-USD XRP USD 2.28 -0.04 (-1.64%)SPOT Spotify Technology S.A. 616.91 -1.29 (-0.21%)Top economic events