{"id":5475,"date":"2025-12-20T01:46:19","date_gmt":"2025-12-20T01:46:19","guid":{"rendered":"https:\/\/tysllp.com\/?p=5475"},"modified":"2025-12-26T19:38:50","modified_gmt":"2025-12-26T19:38:50","slug":"the-one-big-beautiful-bill-act-and-small-business-tax-preparation","status":"publish","type":"post","link":"https:\/\/tysllp.com\/the-one-big-beautiful-bill-act-and-small-business-tax-preparation\/","title":{"rendered":"The One Big Beautiful Bill Act and Small Business Tax Preparation"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-turbocharge-your-tax-prep-how-the-one-big-beautiful-bill-act-affects-your-smb-filing\"><strong>&#x1f4b0; Turbocharge Your Tax Prep: How the One Big Beautiful Bill Act Affects Your SMB Filing<\/strong><\/h2>\n\n\n\n<p>The <strong>One Big Beautiful Bill Act<\/strong> (OBBB) significantly affects small to medium-sized businesses (<strong>SMBs<\/strong>) by providing powerful new incentives for capital investment, primarily through permanent changes to accelerated depreciation. <strong>Specifically<\/strong>, the Act makes <strong>100% Bonus Depreciation<\/strong> permanent and substantially increases the <strong>Section 179 deduction limit<\/strong>. <strong>Consequently<\/strong>, SMBs must proactively review 2024 and 2025 purchases with their tax accountant. This careful review ensures they maximize these powerful, growth-oriented tax.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-decoding-the-obbb-key-tax-changes\"><strong><strong>\u00a0Decoding the OBBB: Key Tax Changes<\/strong><\/strong><\/h3>\n\n\n\n<p>The OBBB provides certainty to business investment. <strong>Therefore<\/strong>, SMB owners can confidently plan large purchases. The core changes focus on accelerating deductions.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-1-section-179-expensing-higher-limits\"><strong>1. Section 179 Expensing: Higher Limits<\/strong><\/h4>\n\n\n\n<p>The Act dramatically increases the maximum amount a business can deduct immediately. <strong>In addition<\/strong>, it raises the phase-out threshold.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Deduction Increase:<\/strong> The Section 179 deduction limit permanently increased to <strong>$2.5 million<\/strong> for qualifying property placed in service in 2025 and subsequent years. <strong>Furthermore<\/strong>, this amount is indexed for inflation.<\/li>\n\n\n\n<li><strong>Retroactive 2024 Adjustment:<\/strong> <strong>Importantly<\/strong>, the OBBB retroactively increased the 2024 deduction limit to <strong>$1.5 million<\/strong> (up from the previous $1.22 million). <strong>Thus<\/strong>, businesses that filed their 2024 returns already should consult their accountant about filing an amended return.<\/li>\n\n\n\n<li><strong>Phase-out Threshold:<\/strong><strong>Likewise<\/strong>, the threshold where the deduction begins to decrease permanently jumped to <strong>$4 million<\/strong> (indexed for inflation). <strong>As a result<\/strong>, more SMBs qualify for the full deduction.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-2-bonus-depreciation-permanent-100-expensing\"><strong>2. Bonus Depreciation: Permanent 100% Expensing<\/strong><\/h4>\n\n\n\n<p class=\"has-text-align-left\" id=\"h-2-bonus-depreciation-permanent-100-expensing\">This change is critical for large capital expenditures. <strong>Previously<\/strong>, Bonus Depreciation was phasing down (60% in 2024).<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Permanent 100% Rate:<\/strong> The OBBB permanently reinstates <strong>100% Bonus Depreciation<\/strong>. This applies to qualified property acquired on or after January 20, 2025, and placed in service after that date.<\/li>\n\n\n\n<li><strong>No Income Limit:<\/strong> <strong>Crucially<\/strong>, Bonus Depreciation has no business income limitation. <strong>Hence<\/strong>, a business can use it to create a net operating loss (NOL) that offsets future income.<\/li>\n\n\n\n<li><strong>Eligibility:<\/strong> <strong>Furthermore<\/strong>, this applies to new and used tangible personal property with a recovery period of 20 years or less.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-best-practices-getting-started-with-tax-prep\"><strong>Best Practices: Getting Started with Tax Prep<\/strong><\/h3>\n\n\n\n<p>How do I get started and what are the <strong>best practices<\/strong> for utilizing these new rules? <strong>First<\/strong>, year-round organization is essential. <strong>Second<\/strong>, strategic communication with your accountant must occur early.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-3-immediate-action-documenting-capital-expenditures\"><strong>3. Immediate Action: Documenting Capital Expenditures<\/strong><\/h4>\n\n\n\n<p>Your <strong>tax prep<\/strong> process must specifically target capital assets. <strong>Consequently<\/strong>, gather all documentation now.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Organize Invoices:<\/strong> Collect invoices for all major equipment, machinery, software, and vehicle purchases made during 2024 and 2025.<\/li>\n\n\n\n<li><strong>Verify &#8220;In-Service&#8221; Dates:<\/strong> <strong>In addition<\/strong>, document the precise date each asset was <strong>placed in service<\/strong>. The placed-in-service date determines the correct tax year and the applicable deduction rules.<\/li>\n\n\n\n<li><strong>Review Used Property:<\/strong> Note whether the property was new or <strong>used property<\/strong> that is new to your business. Both can qualify for Section 179.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-4-proactive-q4-planning-is-mandatory\"><strong>4. Proactive Q4 Planning is Mandatory<\/strong><\/h4>\n\n\n\n<p>The biggest <strong>tax prep<\/strong> savings happen before December 31. <strong>Therefore<\/strong>, do not wait until January.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Project Income:<\/strong> Work with your TYS accountant to project your 2025 net income. <strong>Then<\/strong>, determine the optimal level of Section 179 expensing you can claim (limited by income).<\/li>\n\n\n\n<li><strong>Execute Purchases:<\/strong> <strong>Hence<\/strong>, if projections show high profit, execute planned equipment purchases before year-end. This secures the immediate deduction under the 100% Bonus Depreciation rule for 2025.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-the-construction-accounting-nexus\"><strong>The Construction Accounting Nexus<\/strong><\/h3>\n\n\n\n<p>The <strong>construction industry<\/strong> sees massive benefits from the OBBB. <strong>However<\/strong>, it demands specialized <strong>tax prep<\/strong> expertise.<\/p>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-5-managing-specialized-deductions\"><strong>5. Managing Specialized Deductions<\/strong><\/h4>\n\n\n\n<p>The <strong>construction industry<\/strong> sees massive benefits from the OBBB. <strong>However<\/strong>, it demands specialized <strong>tax prep<\/strong> expertise.Construction firms require precision in expense allocation. <strong>For example<\/strong>, general equipment purchases must be distinguished from job-specific costs.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Cost Segregation:<\/strong> <strong>Furthermore<\/strong>, owners of commercial property should explore a <strong>Cost Segregation Study<\/strong>. This technique reclassifies interior and non-structural components (e.g., HVAC, lighting) into 5, 7, or 15-year property. <strong>Thus<\/strong>, it allows for massive, accelerated depreciation deductions.<\/li>\n\n\n\n<li><strong>WIP Schedule Integration:<\/strong> <strong>Crucially<\/strong>, capital deductions must be integrated with the <strong>Work-in-Progress (WIP) Schedule<\/strong>. The WIP Schedule dictates revenue recognition for long-term contracts under the <strong>Percentage of Completion Method<\/strong> (IRC Section 460). An error here can nullify deduction benefits.<\/li>\n\n\n\n<li><strong>TYS Source Signal:<\/strong> With over <strong>60 years of specialized construction accounting expertise<\/strong>, TYS ensures your firm correctly applies these enhanced rules. We maximize deductions while maintaining compliance in complex multi-state environments like <strong>Rochester, NY,<\/strong> and <strong>Walnut Creek, CA<\/strong>.<\/li>\n<\/ul>\n\n\n\n<h4 class=\"wp-block-heading\" id=\"h-q-amp-a-the-obbb-and-tax-prep\"><strong>Q&amp;A: The OBBB and Tax Prep<\/strong><\/h4>\n\n\n\n<figure class=\"wp-block-table\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>Q1: Can I use 100% Bonus Depreciation and Section 179 on the same asset?<\/strong><\/td><td><strong>No.<\/strong> You cannot double-dip on the same cost. <strong>However<\/strong>, you can use Section 179 first (up to the $2.5M limit). <strong>Then<\/strong>, you can use 100% Bonus Depreciation on any remaining cost of the same asset.<\/td><\/tr><tr><td><strong>Q2: Why must I amend my 2024 return due to the OBBB?<\/strong><\/td><td>The Act retroactively raised the 2024 Section 179 limit to <strong>$1.5 million<\/strong>. If your business bought assets in 2024, you may be eligible for a larger deduction. <strong>Therefore<\/strong>, amending the return secures a potentially large tax refund.<\/td><\/tr><tr><td><strong>Q3: What documentation is required for the &#8220;placed in service&#8221; date?<\/strong><\/td><td>You need any record showing the asset was <strong>ready and available for use<\/strong>. <strong>For instance<\/strong>, this might be the date the equipment was delivered and set up, or the installation completion date for software.<\/td><\/tr><tr><td><strong>Q4: How does the OBBB help a high-net-worth owner of a C-Corp?<\/strong><\/td><td>A C-Corp benefits from the higher deductions. <strong>Consequently<\/strong>, the corporation pays less corporate tax. <strong>In turn<\/strong>, this leaves more after-tax earnings for the owner or for reinvestment.<\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p>Ready to capture every deduction created by the <strong>One Big Beautiful Bill Act<\/strong>? <strong>Contact TYS today for specialist tax planning and Construction Accounting services in Rochester, NY, or Walnut Creek, CA.<\/strong><br><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#x1f4b0; Turbocharge Your Tax Prep: How the One Big Beautiful Bill Act Affects Your SMB Filing The One Big Beautiful Bill Act (OBBB) significantly affects small to medium-sized businesses (SMBs) by providing powerful new incentives for capital investment, primarily through permanent changes to accelerated depreciation. Specifically, the Act makes 100% Bonus Depreciation permanent and substantially increases the Section 179 deduction &#8230; <a href=\"https:\/\/tysllp.com\/the-one-big-beautiful-bill-act-and-small-business-tax-preparation\/\" class=\"more-link\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":5433,"comment_status":"closed","ping_status":"open","sticky":true,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[543,9,1261],"tags":[1265],"class_list":["post-5475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-tax-accounting","category-tax-prep","tag-onebigbeautifulbillact-taxprep-constructioncpa"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>The One Big Beautiful Bill Act and Small Business Tax Preparation<\/title>\n<meta name=\"description\" content=\"The One Big Beautiful Bill Act impacts your Small business tax preparation! 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