The One Big Beautiful Bill Explained

Filing for 2025 just got more interesting! Want to know how the new One Big Beautiful Bill affects your taxes or business? Keep reading for some of the biggest components within the new bill.

• Child Tax Credit Boost- Bigger Refunds for Families

  • The Child Tax credit got a raise! You can now claim up to $2,000 per child under 17, which will now adjust for inflation every year. And up to $1,700 is refundable, meaning money back even if you owe no tax.

• Small Business Wines- Big Win for Small Business Owners

  • The 20% business income deduction is now permanent and even better for more people. There is a new $400 minimum deduction for small business owners starting in 2026 and higher limits now apply for those that have more income. Freelancers, LLCs, partnerships, and S-corporations all qualify.

• Tip Credit Deduction- Tips Just Got a Big Tax Break

  • You can now deduct up to $25,000 of your cash tip income from your taxable income. You'll still pay Social Security and Medicare tax on your tips, but your federal income taxes? Way less!

• Disaster Relief Extended- Extended Special Tax Relief for Federally Declared Disasters

  • You can now claim disaster losses more easily on your taxes (even if you don't itemize). You can take money out of retirement accounts without penalties to cover disaster costs. as well as businesses in disaster zones can get extra help to keep employees on payroll.

What This Means for You

• Bigger Tax Refunds for Families

• More Breathing Room for Small Businesses

• Keeping More of Your Tips

• Extra Support When Needed Most

Reach out to book a consultation and we'll break it down for your specific situation.