One, Big, Beautiful Bill

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One, Big, Beautiful Bill •

I think I like the permanent extensions of the TCJA the most about the OBBBA:
· Lower individual tax rates
· Increased standard deduction
· Increased Qualified Business Income Deduction
· Reinstated state income tax deduction
· Permanent 100% bonus depreciation for §168(k) property
· Immediate expensing of IRC §174A research & experimental costs
· EBITDA-based computation of the interest expense limitation under §163(j)
And:
· No tax on tips
· No tax on overtime
· No tax on car loan interest

This will help a lot of people and businesses. In some cases it may make sense to amend prior year returns to ger cash refunds. I can take a look to see if there are any opportunities. andyvance@vance-cpa.com