July 15, 2025
We wanted to update you on the “One Big Beautiful Bill Act”, which was officially passed on July 4, 2025. This bill includes several provisions we’ll incorporate into your planning going forward. Here are some of the key highlights:
- Standard deduction amounts made permanent and indexed for inflation
- SALT deduction cap raised to $40,000 (phasing out above $500K MAGI)
- Child tax credit increased to $2,200 per child
- New deductions for tips and overtime pay
- 100% bonus depreciation restored through 2028
- Section 199A (QBI) deduction made permanent with updated thresholds
- Immediate expensing for domestic R&D costs
- Expanded dependent care assistance exclusions and adoption credits
- New IRA option (“Trump Accounts”) for minors born 2025–2028
We will be reviewing these provisions in detail during your upcoming strategy meetings to ensure you are positioned to maximize the benefits available. If you have any immediate questions on how this impacts you, please let us know anytime.
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