5 new tax breaks for small biz - accounting services
The "One Big Beautiful Bill Act" (OBBBA) is widely heralded as benefiting certain individual taxpayers. Alert: The new law also contains several significant tax breaks for businesses. Here's a roundup of five favorable provisions.
100% Bonus Depreciation Restored - Businesses can again deduct the full cost of qualifying equipment and property in the year it's placed in service. This is now permanent.
Section 179 Limits Increased - The maximum Section 179 deduction increased to $2.5 million, with a phase-out threshold of $4 million.
R&D Expense Deduction Restored - Businesses can once again fully deduct domestic research and development costs in the year incurred.
QBI Deduction Made Permanent - The 20% qualified business income deduction for pass-through entities is now permanent.
Manufacturing Facility Expensing - New 100% depreciation for qualified manufacturing production facilities.
These changes represent significant opportunities for tax savings. Work with your tax professional to take full advantage of these provisions.
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