Update on the OB3

Quote: “It’s not about the ops, your biggest enemy is ignorance” – Your Old Droog

So with the passing of the One Big Beautiful Bill, there are updates coming out of the woodwork left and right.

I have not been sending out massive updates, because I want to understand it fully before I send out guidance.

However, for the people reading this, here’s what to look out for:

For businesses:

·       100% Bonus Depreciation Restored

·       199A Qualified Business Income Deduction Made Permanent

·       Modified Section 1202 QSBS Exclusion

For Individuals:

·       SALT Deduction Cap Raised Temporarily

·       Standard Deduction Made Permanent and Increased

·       Tax Cuts and Jobs Act Tax Rates Extended

·       Child Tax Credit Increased

·       Trump Accounts – Baby Savings

I will deliver more updates on this bill as I am aware of them.

For now, if you have any questions, feel free to book a call with me or send me an email and I’ll be sure to tackle them head on!

Stay Smart,

Jonathan Sussman CPA