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What You Need to Know About the One Big Beautiful Bill Act (OBBB)

On July 4, 2025, the One Big Beautiful Bill Act was signed into law, bringing sweeping changes to the U.S. tax code—especially for business owners, entrepreneurs, and high-income individuals.

Accountfully helped break this nearly 900-page legislation into an easy-to-understand guide, and we’ve pulled the highlights here so you can see what matters most. 

Here are the biggest high-level takeaways that could impact your finances and planning:

Key Tax Breaks for Businesses

  • 100% Bonus Depreciation Is Back: Businesses can now immediately expense 100% of qualified assets starting January 20, 2025.

  • Expanded Section 179: Small businesses can deduct up to $2.5M in property (up from $1.22M).

  • Business Interest Deduction: The favorable EBITDA-based calculation for deducting interest is restored permanently.

Support for Innovation

  • Immediate R&D Expensing: Domestic research expenses can now be fully expensed up front.

  • Retroactive Tax Savings: Eligible small businesses may amend returns as far back as 2022 to reclaim previously amortized R&D costs.

Deductions and Credits You Shouldn’t Miss

  • Section 199A QBI Deduction: The 20% deduction is now permanent and more accessible.

  • New Deductions for Overtime and Tips: Cash tips (up to $25K) and overtime (up to $25K) are now deductible for many.

  • Car Loan Interest: Deduct up to $10K/year for new U.S.-assembled vehicles.

Big Changes for Individuals

  • Higher SALT Cap: Deduction limit increases to $40,000 and is indexed for inflation.

  • Child Tax Credit Boost: Increased to $2,200 per child, with higher income limits.

  • Personal Exemptions & Trust Accounts: Enhanced deductions for seniors and the creation of “Trump Accounts” for kids' education, business, and housing.

Estate Planning & Investment Incentives

  • Estate Tax Exemption Grows: Increases to $15M in 2026.

  • Qualified Small Business Stock (QSBS): Bigger tax exclusions and higher limits for entrepreneurs and investors.

Phaseouts & Eliminations

  • Green Energy Credits: Clean vehicle and renewable energy tax credits are ending.

  • Charitable Deduction Limits: New floors on deductions for both corporations and individuals.


Planning for 2025?

These changes will have major implications for your tax strategy, whether you're running a business or managing personal wealth. It’s time to talk with your accountant about optimizing for the new rules.

👉 Read the full breakdown on Accountfully's blog.