Key Takeaways

• The One Big Beautiful Bill Act (OBBBA) introduces major tax breaks for small businesses, including instant write-offs and new deductions.
• Businesses can now deduct 100% of qualified equipment, software, and R&D expenses, improving cash flow and reducing taxes.
• The Qualified Business Income (QBI) 20% tax deduction is now permanent, allowing small business owners to keep more profits.
• Estate and gift tax exemptions increase to $15 million per person, simplifying business succession planning.
• New deductions for tips and overtime income help employees and self-employed workers reduce taxable income.