Some significant new tax legislation (the Act) signed into law on July 4, 2025 (informally known as One Big Beautiful Bill or OBBB). The Act is comprehensive and includes key changes to individual and business-related provisions and incentives. Navigating these changes will be complex but understanding them is essential for effective tax planning and optimizing…
The following is a list of some of the business provisions of the Act signed into law on July 4, 2025: Qualified Business Income (QBI) deduction: The Act makes this deduction permanent. It also sets a minimum deduction for active QBI for “applicable taxpayers” at $400; defines an applicable taxpayer as one whose aggregate QBI…
The following are some of the provisions in the new tax act signed into law on July 4, 2025 impacting individuals: Reduced Income Tax Rates: The Act makes the lower individual income tax rates and wider tax brackets introduced by the Tax Cuts and Jobs Act “TCJA” permanent, preventing a scheduled tax rate increase after…