The One Big Beautiful Bill Act
What is the OBBBA?
The One Big Beautiful Build Act is the most sweeping U.S. tax overhaul since the 2017 Tax Cuts & Jobs Act. Its 1,150 pages deliver lower rates and new incentives while sunsetting several green‑energy perks. Success under the OBBBA hinges on timing—which deductions you capture before they expire and how fast you adapt payroll, benefit, and entity strategies.
Frequent Asked Questions
Do the lower brackets really last forever?
Yes—unlike the TCJA, OBBBA makes them permanent unless repealed by future legislation.
What counts as “placed in service” for solar?
When the system is operational and connected to the grid, not the purchase, or install contract date.
Can part‑time employees trigger the Paid Family Leave credit?
Yes, if they meet minimum service & wage thresholds—ask us for the worksheet.
Can you open both a "Trump Account" and a 529 plan for your child?
Yes, you can. You can have both accounts for one individual.
Are car interest deductions available only to itemizers or is it in addition to the standard deduction?
The car loan interest is available regardless of whther you take the standard or itemized deductions. It basically offsets your income dollar for dollar.
Does the overtime deduction also apply to bonuses?
The definition of overtime is very specific. It is overtime that is required by FLSA, the Fair Labor Standards Act of 1938. If an employee works more than 40 hours a week you are supposed to receive what’s call “time and a half”. So, it’s only that time and a half portion that would be eligible for the additonal deduction. A bonus would not be considered time and a half.
Webinar: Individuals
OBBBA Made Simple: How the New Law Reshapes Your Personal Taxes
Thursday, August 14, 2025
The One Big Beautiful Build Act rewrites individual taxes—permanently lower brackets, a $40K SALT cap, and new perks like the “Trump Account” and a $25K tip-income deduction. Join Larson Gross business individual tax experts for a fast-moving, plain-English walkthrough of what the law means for your paycheck, family budget, and retirement timeline—before the best deductions sunset.
Webinar: Businesses
Business Taxes: Opportunities and Challenges in the OBBBA
Thursday, August 21, 2025, 12p
From a permanent 20% QBI deduction to the comeback of 100% bonus depreciation, the OBBBA rewires how privately held companies create after-tax cash. In this executive-level briefing, our business tax experts unpack entity-choice math, payroll code updates for the new tip/overtime deductions, and the ticking clock on clean-energy credits so you can sequence cap-ex—and retain talent—before competitors do. Register Today!
Insights & Thought Leadership articles regarding the OBBBA:
What Farmers Need to Know About the One Big Beautiful Bill Act’s Impact on Agriculture
All About Timing: Evolving Depreciation Deductions and Tax Incentives in the Wake of OBBBA
Maximizing Your Practice’s Future: What Dentists Need to Know About the One Big Beautiful Bill
No Tax on Tips and Overtime: What Trump’s OBBB Means for Hospitality, Retail, and Construction
The OBBBA Car Loan Tax Deduction
How tax changes in the One Big Beautiful Bill Act could affect manufacturers
The Ripple Effect: What Will State and Local Tax Look Like Under the One Big Beautiful Bill?
The One Big Beautiful Bill Makes Domestic R&E Expenditures Deductible Again
OBBBA Made Simple: How the New Law Reshapes Your Personal Taxes
A New Dawn for Business Taxes: Opportunities and Challenges in the OBBBA
Quick‑Glance Highlights
| 🔑 Change | Who’s Affected | In‑Force Date | Action Item |
|---|---|---|---|
| Lower individual brackets & bigger standard deduction | All taxpayers | 1 Jan 2025 | Re‑model 2025 withholding now |
| 20% QBI deduction made permanent | Pass‑through owners | 1 Jan 2025 | Re‑evaluate entity structure |
| 100% bonus depreciation returns | Cap‑ex intensive businesses | 19 Jan 2025 | Time equipment purchases |
| New tip & overtime deductions | Service & hourly employees | 1 Jan 2026 | Update payroll codes |
| Paid Family & Medical Leave credit (permanent) | Employers | 1 Jan 2026 | Align leave policy & claim credit |
| Clean‑energy credits phase‑out | Individuals & fleets | Sept 30/Dec 31 2025 | Complete installs or purchases early |