Beginning in 2026, a significant change to retirement plan catch-up contributions takes effect. Part of the 2022 Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, the change affects higher-income taxpayers age 50 and older who contribute to certain types of employer-sponsored retirement plans.
Businesses Regain Immediate Deduction for R&E Expenses
If your business conducts research or product development, a significant tax law change could unlock tax savings. The 2025 tax legislation, commonly known as the One Big Beautiful Bill Act (OBBBA), reinstated the ability to immediately deduct domestic research and experimental (R&E) expenses.
Easier Reporting Rules for Some Forms
A pesky reporting burden for businesses will be eased by legislation signed into law on July 4. Currently, businesses must issue a Form 1099-MISC to any payee (and to the IRS) when transactions reach $600 in a calendar year.
Enhanced SALT Tax Break Will Help Many Homeowners
The One Big Beautiful Bill Act (OBBBA), enacted on July 4, will allow more taxpayers to fully deduct their state and local tax (SALT) expenses (including property tax). Here are the details.
2 Important Changes for Businesses under the New Tax Law
The One Big Beautiful Bill Act (OBBBA) introduces a range of tax changes that will impact businesses. Many provisions set to expire this year are now being extended or made permanent. Below is a snapshot of two important changes to help you with tax planning in the fourth quarter of 2025 and going forward.
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.
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:
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.
Bonus Depreciation Gets a Reprieve
First-year bonus depreciation had been phasing down 20 percentage points annually since 2023 and was set to drop to 0% in 2027. Businesses have been eager to learn the fate of this popular depreciation-related tax break.
New Law Changes Business Payment Reporting Rules
The One Big Beautiful Bill Act (OBBBA) contains a major overhaul of an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Starting in 2027, the threshold amount will be adjusted for inflation.