If you’re a small business owner or you’re self-employed, there’s good news on the tax front. The Section 199A qualified business income (QBI) deduction, a powerful tax-saving opportunity since 2018, was initially set to expire in 2025. But thanks to the recent enactment of the One Big Beautiful Bill Act (OBBBA), it’s not only here to stay, it’s also improved.
Seniors May Be Eligible for a New Deduction
For 2025 through 2028, individuals age 65 and older may be able to claim a new senior deduction of up to $6,000, subject to income-based phaseouts. This deduction is available whether or not the taxpayer itemizes.
3 Family-Friendly Tax Benefits in the New Tax Law
The One, Big, Beautiful Bill Act (OBBBA) brings a wide range of tax changes, with several key updates designed to support families. Among the many provisions, here are three with the potential to lower your tax bill.
Separated or Divorced? Know Your Tax Obligations
If a couple gets separated or divorced, it affects tax obligations. The IRS considers couples married for tax purposes until a final decree is issued. After separating or divorcing, update your Form W-4 with your employer and check withholding using the IRS estimator.
Before a Weather Emergency Closes Your Business, Make a Plan
It’s hurricane season, which is just one of several weather emergencies and other natural disasters companies may face, depending on location. Tornadoes, floods, and wildfires also pose serious threats. According to the Federal Emergency Management Agency (FEMA), about 25% of businesses never reopen after a major disaster. And many that do reopen struggle to recover.
An Employee Benefit That Also Saves Tax for Your Business Just Got Better
Employers seeking to offer low-cost, family-friendly benefits may want to consider flexible spending accounts (FSAs) for dependent care. These FSAs let employees make pre-tax contributions through payroll withholding to help cover eligible expenses. Thanks to the recently passed One Big Beautiful Bill Act, the annual contribution limit, currently $5,000, will rise to $7,500 in 2026.
OBBBA Restores 100% Deductions for Small Businesses
Big Tax Savings Are Back: What the OBBBA Means for You
The new One Big Beautiful Bill Act (OBBBA) is a game-changer for small business owners. It restores and even expands some of the most valuable tax deductions available—helping you write off more of your investments, faster.
Here’s what you need to know in plain English:
Is Your Business Ready for Digital Documents and E-Signatures?
Whether signing a vendor agreement, approving a repair estimate, or applying for a loan, chances are you’ve signed something digitally in recent months. In 2025, digital documents and e-signatures are no longer just a convenience — they’re fast becoming the standard.
No Tax on Overtime? OBBBA Creates a New Deduction
OBBBA’s Overtime Deduction: A New Way to Save on Taxes
The One Big Beautiful Bill Act (OBBBA) introduces something new for employees who regularly work overtime. From 2025 through 2028, you can claim a temporary deduction of up to $12,500 per year of qualified overtime pay—or $25,000 if you’re married filing jointly.
Divorce and Business Ownership: Don’t Let Taxes Hurt You
Divorce is stressful under any circumstances, but for business owners, the process can be even more complicated. Your business ownership interest is often one of your largest personal assets, and in many cases, part or all of it will be considered marital property. Understanding the tax rules that apply to asset division can help you avoid costly surprises.