The "One Big Beautiful Bill" (OBBB) introduces several key features that impact Businesses...

For Small Business:

• Qualified Business Income Deduction (QBI) Update:

  There are changes to the QBI deduction, which allows business owners to deduct up to 20% of their qualified business income. Depending on the structure of your business, you may see either a higher deduction or more complex rules for how to calculate it.

• Simplified Tax Filing for LLCs and S-Corps:

  For small LLCs and S-Corps, the 2025 tax season may introduce simplified filing rules, potentially reducing the complexity of paperwork and making it easier to manage your business taxes.

• Employee Retention Credit (ERC) Expiration and Adjustments:

  If you took advantage of the Employee Retention Credit (ERC) in previous years, be aware that eligibility has changed, and there are no longer retroactive claims for 2025. However, there may be updates to how any remaining credits are processed or adjusted.

• Expanding Deductibility for Equipment Purchases:

  There may be an increase in the deductible limits for equipment purchases under Section 179, allowing small business owners to deduct more of their capital expenditures upfront. This change is helpful for businesses that plan to invest in assets such as equipment, vehicles, or

  property.

• Changes to Business Meal Deductions:

  The IRS has simplified the rules regarding business meal deductions. Expect more favorable rules for meals related to business meetings, including clearer documentation and higher allowable deductions.

• Remote Work and Home Office Deductions:

  For small businesses with employees working remotely, home office deductions may become easier to claim. There could also be updates to how you can deduct internet, phone, and office supplies related to remote work.

• Tax Credits for Green Initiatives:

  With the ongoing push for sustainability, small businesses investing in green technologies or energy-efficient equipment may qualify for new tax credits designed to reduce the upfront cost of going green.

Call to Action:

We understand that navigating tax changes can be overwhelming, especially with the big adjustments happening in 2025.

Whether you're filing your personal tax return or managing a small business, we’re here to help you understand how these changes affect you and ensure you're...

taking full advantage of the latest tax benefits!