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The new law includes favorable changes for depreciating eligible assets
July 29, 2025
Categories: Depreciation, OBBBA, QPP, Qualified Production Property, Section 179, The One, Big, Beautiful Bill
The One Big Beautiful Bill Act (OBBBA) includes a number of beneficial changes that will help small business taxpayers. Perhaps the biggest and best changes are liberalized rules for depreciating business assets. Here’s what you need to know. 100% bonus depreciation is back The new law permanently restores 100% first-year depreciation for eligible assets acquired and placed in service after January 19, 2025. The last time 100% bonus depreciation was allowed for eligible assets was in
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Significant business tax provisions in the One, Big, Beautiful Bill Act
July 22, 2025
Categories: Depreciation, Interest Expense, OBBBA, QSBS, R&E, Section 179, The One, Big, Beautiful Bill
The One, Big, Beautiful Bill Act (OBBBA) was signed into law on July 4. The new law includes a number of favorable changes that will affect small business taxpayers, and some unfavorable changes too. Here’s a quick summary of some of the most important provisions. First-year bonus depreciation The OBBBA permanently restores the 100% first-year depreciation deduction for eligible assets acquired after January 19, 2025. This is up from the 40% bonus depreciation rate for most eligible assets
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5 tax breaks on the table: What business owners should know about the latest proposals
June 24, 2025
Categories: Business, Depreciation, QBI, R&E, Section 179, Tax Breaks, The One, Big, Beautiful Bill
A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. While the proposed legislation is still under debate, it’s already sparking attention across business communities. Here’s a look at the current rules and proposed changes for five key tax provisions and what they could mean for your business. 1. Bonus depreciation Current rules: Businesses can deduct 40% of the cost of eligible new and used
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Small business strategy: A heavy vehicle plus a home office equals tax savings
January 17, 2025
Categories: Depreciation, Section 179, Small business, Vehicles
New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. If your business usage is between 51% and 99%, you may be able to deduct that percentage of the cost in the first year. The write-off will reduce your federal income tax bill and your self-employment tax bill, if applicable. You might get a state tax income deduction too. Setting