The One Big Beautiful Bill has expanded tax relief for casualty losses. The Previous Tax Law Under the Tax Cuts and Jobs Act (TJCA) that passed in 2017, casualty losses could only be taken if the loss occurred as a result of a presidentially declared disaster from 2018-2025. This significantly reduced the number of taxpayers […] The post The One Big Beautiful Bill Breakdown: Natural Disasters and Theft Losses appeared first on Warren Averett CPAs & Advisors.| Warren Averett CPAs & Advisors
The One Big Beautiful Bill has locked in lower tax rates and added new deductions, giving taxpayers more certainty for planning through 2029.| Warren Averett CPAs & Advisors
The One Big Beautiful Bill has temporarily raised the state and local tax (SALT) deduction cap for many taxpayers, while preserving the benefits of pass-through entity (PTE) tax payments. The Previous Tax Law Previously, for tax years beginning before December 31, 2025, individuals who itemize deductions have been limited to a maximum of $10,000 in SALT deductions. […] The post The One Big Beautiful Bill Breakdown: State and Local Tax Individual Deductions and Pass-Through Entity Tax Paym...| Warren Averett CPAs & Advisors
Section 179 is a flexible, targeted deduction that allows businesses to choose which assets to deduct right away, up to a set limit, and is limited to taxable income.| Warren Averett CPAs & Advisors
The One Big Beautiful Bill (OBBB) has brought significant changes to the U.S. tax code, particularly in the area of business tax credits. Low Income Housing Tax Credit Program Over the years, legislative efforts have worked to increase funding and improve the effectiveness of the Low-Income Housing Tax Credit program. The OBBB made several revisions […] The post The One Big Beautiful Bill Breakdown: Business Tax Credits appeared first on Warren Averett CPAs & Advisors.| Warren Averett CPAs & Advisors
Many of the clean energy tax credits introduced under the Inflation Reduction Act were either eliminated or substantially restricted, and the bill expanded support for the America-First Energy Policy.| Warren Averett CPAs & Advisors
The One Big Beautiful Bill Breakdown: International Tax Provisions| Warren Averett CPAs & Advisors
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The One Big Beautiful Bill features much-welcome changes to the estate and gift tax exemption amount.| Warren Averett CPAs & Advisors
Bonus depreciation is a tax savings tool that allows businesses to automatically deduct some or all of the cost of qualifying assets upfront, and the One Big Beautiful Bill made changes to it for businesses.| Warren Averett CPAs & Advisors
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