• Increased State and Local Tax Deduction Cap: The cap on the state and local tax deduction has been raised to $40,000 for taxpayers earning less than $500,000, reverting to $10,000 after five years.

• Permanent Child Tax Credit Increase: The child tax credit has

  been permanently increased, with a $200 increase.

• Temporary Deductions for Tips and Overtime Pay: Employees who receive tips can deduct up to $25,000 in tip income, and those working overtime may deduct up to $12,500 in premium pay.

• New Deductions for Car Loans and Auto Loans: Employees who purchase a U.S.-built car for commuting purposes may deduct auto-loan interest.

• New Deduction for Seniors: A new deduction of $6,000 per qualifying taxpayer aged 65 or older with an adjusted gross income under $75,000 is available from 2025 through 2028.

• And Much More...

  
  These features are designed to provide targeted relief and support for various groups, including workers, seniors, and individuals with specific circumstances. It's important for individual taxpayers to stay informed about these changes and plan accordingly to maximize their tax benefits.

• Permanent 100% Bonus Depreciation: This provision allows businesses to deduct the full cost of certain business property in the year it is placed in service, providing significant tax savings.

• Immediate Expensing for R&D Costs: Businesses can deduct R&D costs immediately, rather than over several years, which can accelerate capital investment.

• Restoration of EBITDA-Based Interest Deduction Limit:

  This change restores the previous limit for businesses to deduct interest on EBITDA, which was phased out under the TCJA.

• Expanded Section 179 Expensing: This provision allows businesses to deduct a larger percentage of the cost of certain business property in the year it is placed in service.

• Permanent 20% Pass-Through Deduction: This change allows businesses to deduct a portion of their taxable income directly from their shareholders.

  
  These changes aim to stimulate business investment and provide tax relief to businesses, which can lead to increased productivity and economic growth. However, the OBBB also includes provisions that phase out some clean energy tax credits and increase Medicaid spending, which may have different implications for businesses depending on their operations and tax strategies.

The "One Big Beautiful Bill" (OBBB) introduces several key features that impact Individual Taxpayers and Businesses...

For 1040 Filers:

For Small Business:

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We understand that navigating tax changes can be overwhelming, especially with the big adjustments happening in 2025.

Whether you're filing your personal tax return or managing a small business, we’re here to help you understand how these changes affect you and ensure you're...

taking full advantage of the latest tax benefits!