The passage of the new tax law known as the One Big Beautiful Bill Act provides tax planning opportunities to individuals and businesses.
There are so many strategies to consider, the sooner you start your plan, the greater your savings might be.
Business planning opportunities
- Expanded depreciation for business equipment
- Favorable changes to the business interest limitation, allowing many businesses to deduct more interest
- Adjusted research and experimentation expensing rules, permitting additional savings for businesses
- Enhanced cost segregation study savings
- New reporting requirements on qualified tips and overtime, affecting payroll systems compliance
Individual tax planning opportunities
- Permanent favorable individual tax rates
- Permanent favorable alternative minimum tax exemptions
- Expanded estate and gift tax exclusion
- Significant state and local tax deduction cap increases
The new law presents opportunities for businesses and individuals, and you can take full advantage if you start planning now. Nicola Yester can help you review your tax position — reach out today to get your personal plan in place.