One Big Beautiful Bill Act (OBBBA)
OBBB Creates New Deduction for Qualified Tips Through 2028
The One Big Beautiful Bill (OBBB) Act introduces a new federal tax provision that may affect businesses with tipped employees. Beginning in 2025, up to $25,000 in qualified tips per year may be excluded from federal taxable income through 2028. The deduction applies to occupations where tipping has long been customary and regular, including roles […]
One Big Beautiful Bill Adds $6,000 Deduction for Social Security Beneficiaries
Starting in 2025, adults age 65 and older can claim an additional deduction of $6,000 on their federal income tax return under the One Big Beautiful Bill (OBBB) Act. Married couples where both spouses qualify may claim up to $12,000. This provision is available through 2028. The deduction begins to phase out for individuals with […]
Green Energy Tax Credits Ending Under One Big Beautiful Bill
The One Big Beautiful Bill (OBBB) redrew the boundaries of U.S. climate policy. With its passage, several of the tax incentives that had shaped investment in electric vehicles, home energy upgrades, and renewable infrastructure are set to expire. Some of these credits, introduced under the Inflation Reduction Act, had been generous but complex. Others were […]
Year-End Tax Webinars: Optimize Your 2025-2026 Tax Strategy
AAFCPAs’ highly anticipated annual Tax Webinar Series is back! As always, we’re committed to bringing you the latest tax considerations and guidance including implications of the One Big Beautiful Bill Act, signed into law earlier this year, keeping you ahead of what matters most for your business and personal financial operations. Join us for three […]
Businesses See Relief as 1099 Thresholds Increase; Prepare Now for Year-End Deadlines
Signed into law on July 4, 2025, the One Big Beautiful Bill Act brings welcome changes for businesses, contractors, and online sellers by raising reporting thresholds for Forms 1099-MISC, 1099-NEC, and 1099-K. Starting in 2026, thresholds for 1099-MISC and 1099-NEC will rise from $600 to $2,000, and 1099-K will return to $20,000 and 200 transactions […]
Why Complex Trusts Matter for High-Net-Worth Investors Under OBBB
A provision in the One Big Beautiful Bill (OBBB) Act has renewed interest in a once-overlooked planning strategy: the use of a complex trust as a standalone tax-paying entity. While the concept is not new, recent updates including expanded deductions for real estate taxes make the structure more practical and more compelling, particularly for high […]
OBBB Restores 100 Percent Bonus Depreciation and Expands Section 179
When it comes to managing your business’s tax burden, the timing and method of depreciating property can make a significant difference. Cash flow is an integral part of every business and, for a business owner, taxes are one of the biggest expenses they will have. The One Big Beautiful Bill Act (OBBB), signed into law […]
New Law Makes QBI Deduction Permanent for Qualified Business Owners
Tax Planning is one of the most important components of operating a successful business, and maximizing the Qualified Business Income (QBI) deduction is a key element in that planning. The QBI deduction enables eligible business owners to reduce their taxable income by up to 20 percent of their qualified business income, providing a valuable opportunity […]
OBBB Creates More Deduction Room for Middle-Income Filers
For years, the state and local tax deduction has been an important consideration for taxpayers in high-tax states. In 2017, The Tax Cuts and Jobs Act set a $10,000 cap, which limited the ability of many individuals and pass-through entity shareholders to reduce federal taxable income. The One Big Beautiful Bill (OBBB) Act, signed into […]