Some Key Business Changes Under The OBBBA*
100% Bonus Depreciation Extended
Businesses can fully deduct qualifying equipment, vehicles (with limits), and improvements through 2028 — helping you lower taxable profit immediately.
New 1099 Reporting Rules Starting in 2026
The threshold for filing 1099-MISC and 1099-NEC increases from $600 to $2,000, cutting down on paperwork for businesses working with contractors.
No Federal Income Tax on Tips (2025–2028)
Tips received in qualifying industries are deductible from taxable income — but you’ll still need to withhold payroll taxes like Social Security and Medicare.
Plus More:
Rules around payroll, deductions, and 1099s are shifting.
Certain deductions phase out at higher income levels.
Not all business types qualify for every benefit.
Some tax breaks are based on your industry, income level, or how your business is structured—S-Corp, LLC, sole prop, etc. We can help you figure out which ones actually apply
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*This page is for informational purposes only and should not be considered personalized tax advice. Tax law changes like the One Big Beautiful Bill Act (OBBBA) can vary based on your specific business structure, industry, and income level. Tax laws, including the One Big Beautiful Bill Act (OBBBA), are subject to updates and interpretation by the IRS and state agencies. The deductions and benefits described may not apply to every business or individual. This content does not establish a client relationship with Harris Accounting Services Inc. until a formal engagement agreement is signed.
For tailored advice, contact Harris Accounting Services Inc. for a personalized review of your tax situation.