In this episode, I discuss the significant changes in tax legislation following the newly passed bill. I provide an overview of updates that impact individuals, including the extension and modification of provisions from the Tax Cuts and Jobs Act of 2017. Key topics include standard deductions, personal exemptions, child tax credits, mortgage interest deductions, and tips and overtime tax breaks. I also highlight additional changes such as charitable contribution deductions, enhanced deductions for seniors, and itemized deductions for automobile interest. Finally, I provide advice on how to navigate these updates, the importance of consulting credible sources, and what to expect moving forward.

In this episode, I share Part 1 of my review of the recent tax legislation passed by Congress. The One Big Beautiful Bill Act (OBBBA), passed in early July, is the biggest tax legislation since the pandemic.

In Part 1, I break down the biggest items impacting Small Businesses including: bonus depreciation, the extension and permanence of the QBI deduction, overtime and tip changes, charitable contribution changes for corporations, and the change in the 1099 reporting requirements starting in 2026.

This high level review should give you talking points to take back to your tax preparer before year end to make sure your tax plan encompasses any changes.

OBBBA Text: https://www.congress.gov/bill/119th-congress/house-bill/1/text

There are two months left in the year and a few housekeeping things that should be added to your to-do list.  Budgeting, 1099s, Tax Planning and PPP Forgiveness should all be a part of your end of year routine.  If you want to begin 2021 ready for whatever it brings and in the right frame of mind to make things happen, get these things done before year end.