“One Big Beautiful Bill Act” Highlights (always seek appropriate tax counsel)
Below are details of many of the tax provisions in the act commonly known as the One Big Beautiful Bill Act, which was signed into law.
- Marginal tax rates largely unchanged
- Standard deduction made permanent with increases this year and inflation adjustments going forward. 2025 Filing: Single: $18,750; Head of Household: $23,625; Married filing jointly: $31,500
- SALT Cap: limit increased to $40,000 through 2029. MAGI affects the amount of the deduction
- Senior deduction (65+) $6,000 through 2028
- Qualified business income (QBI): 20% deduction made permanent (additional changes as well, but this is the one that affects most business owners)
- Estate tax emption made permanent at $15mm (single filer) and $30mm (married filing jointly)
- Alternative Minimum Tax (AMT) thresholds made permanent–$500k for single/$1mm joint with 50% phase out over threshold instead of 25%
- Bonus depreciation permanently extended
- Section 179 expensing increased to $2.5mm
- 1099 remittance reporting threshold raised to $2,000 from $600
There are dozens of other provisions that may affect you, and many subtleties to the above.
View the entire article here: Tax provisions in the One Big Beautiful Bill Act
Source: Alistair M. Nevius, J.D., June 29, 2025, Tax provisions in the One Big Beautiful Bill Act, Journal of Accountancy, www.Tax provisions in the One Big Beautiful Bill Act