One of the most news-making elements of The OBBBA is the federal deduction for state and local taxes (S.A.L.T.). The new SALT rules quadrupled the maximum for those income offsets. Historically, the SALT deduction was unlimited. That changed and fluctuated over time. In its current iteration, the 2025 tax law has granted a five-year bump-up...
Small business owners can generally use net operating losses (NOLs) to offset taxable income from another tax year. Prior to the Tax Cuts and Jobs Act, NOLs could be carried back two years to offset taxable income before being carried forward for up to 15 years. Under the TCJA, the two-year carryback period was repealed...
The One Big Beautiful Bill Act (OBBBA) makes permanent several of the expiring tax cuts for businesses contained in Trump’s signature 2017 tax legislation—the Tax Cuts and Jobs Act (TCJA). It also has plenty of new tax incentives for businesses and business owners to like, which also present some planning opportunities to save! The IRS...
The One Big Beautiful Bill Act (OBBBA) makes permanent several of the expiring tax cuts contained in Trump’s signature 2017 tax legislation—the Tax Cuts and Jobs Act (TCJA). It also introduces a few new provisions, including some temporary tax breaks for individuals. Do not ignore this bill. For higher-net-worth families, estate planning and Roth conversions...
Revised July 7th at 4:45pm - The Big Beautiful Bill approved by the House was a bit smaller as the Senate and the House fought over more Medicaid cuts to pay for new tax breaks, and painted a dark deficit picture for the President. The fight last week continued between parties to decide how high,...
