One Big Beautiful Bill Act (OBBBA): What Every Tax-Savvy Business Owner and High-Income Filer Needs to Know — Right Now
Why this matters today
Imagine finalizing a five-year growth plan for your business, only to discover Congress just rewired the tax code you built it on. That’s exactly where we stand after the One Big Beautiful Bill Act (OBBBA) became law on June 30, 2025. Whether you’re a high-earning professional, the owner of an S-corp or multi-state partnership, or a corporation weighing its next capital purchase, the rules have changed overnight—and the window to respond is already shrinking.
Who Is Most Affected?
High-Income Individuals & Itemizers – Enhanced SALT deductions and stable AMT rules necessitate strategic tax planning.
Owners of Pass-Through Entities – Permanent QBI deduction and increased Section 179 benefits demand a reassessment of business structures.
Multi-State & International Businesses – Renewed 100% bonus depreciation and simplified global tax rates impact corporate financial strategies.
High-Net-Worth Families – Increased exemptions provide new avenues for estate and wealth-transfer strategies.
Why acting early beats reacting late
Deadlines are staggered. Some perks (e.g., SALT $40k cap, “No Tax on Tips” deduction) sunset after 2029; others (EV credits) disappear in months.
Sequencing matters. Pulling property-tax bills into 2025, accelerating equipment buys, or shifting income between entities can magnify (or erode) savings.
State conformity is uneven. Virginia, Maryland, and many other states won’t mirror every federal change—doubling the need for a coordinated plan.
Urgency in Planning
Time-sensitive Opportunities – Some incentives (like the expanded SALT deduction) have clear expiration dates.
Strategic Decision-Making – Timing of income, expense recognition, and investment decisions are crucial under the new tax rules.
State Conformity Challenges – Varied state responses to federal changes mean tailored strategies are necessary.
Immediate Action Steps
Analyze your 2025–2029 income streams, depreciation opportunities, and SALT payment strategies immediately.
Reevaluate entity structures (S-corp, LLC, partnership) considering the permanent QBI deduction benefits.
Initiate or adjust estate and gifting strategies to leverage the increased $15 million exemption effectively.
Expedite decisions on renewable energy and electric vehicle investments before federal credits expire.
Revisit multi-state allocation and international tax strategies under the revised GILTI/FDII framework.
Partner with The RVA Accountant, PLLC
Navigating these significant tax updates requires personalized and expert advice. The RVA Accountant, PLLC is your proactive partner, dedicated to converting complex changes into actionable strategies tailored for your success.
Schedule your free initial consultation today. thervaaccountant.com/contact-us
We will provide clarity and strategic guidance, ensuring your financial plans align optimally with the opportunities presented by OBBBA.