News - Linkenheimer LLP CPAs & Advisors

The One Big Beautiful Bill: What It Means for You (and Your Business)

Congress just gift-wrapped a 1,000-plus-page “One Big Beautiful Bill Act” (yes, that’s the real name) and sent it to President Trump for signature on July 4th (because nothing says “patriotic” like a 900-plus-page tax law.). Fireworks ensued, literally and legislatively. Below is the quick-and-casual download on the provisions our clients are most likely to feel—whether you’re filing as an individual, running a business, or both.

Key Changes for Individuals

Bigger, permanent standard deduction and TCJA-era brackets – Beginning in 2026, the deduction rises to $15,750 (single) and $31,500 (joint) while today’s lower rates stick around. Most filers will see more income sheltered from tax without having to itemize.
SALT cap balloons to $40,000 for 2025-2029 – High-tax-state residents can deduct up to four times more in property and state income taxes for five years. Plan to prepay or “bunch” taxes during this window to maximize savings before the cap snaps back.
New $6,000 “senior deduction” (ages 65+) – Available 2025-2028 on top of the standard deduction. Retirees may owe less federal tax even if their income stays level.
Child Tax Credit increases to $2,200 and is indexed for inflation – With the refundable portion […]

By Linkenheimer LLP|2025-07-15T19:02:52+00:00July 14th, 2025|new tax, News, tcja|0 Comments

5 Tax Breaks on the Table: What Business Owners Should Know About the Latest Proposals

A bill in Congress — dubbed The One, Big, Beautiful Bill — could significantly reshape several federal business tax breaks. While the proposed legislation is still under debate, it’s already sparking attention across business communities.

Here’s a look at the current rules and proposed changes for five key tax provisions and what they could mean for your business.

1. Bonus depreciation

Current rules: Businesses can deduct 40% of the cost of eligible new and used equipment in the year it’s placed in service. (In 2026, this will drop to 20%, eventually phasing out entirely by 2027.)

Proposed change: The bill would restore 100% bonus depreciation retroactively for property acquired after January 19, 2025, and extend it through 2029. This would be a major win for businesses looking to invest in equipment, machinery and certain software.

Why it matters: A full deduction in the year of purchase would allow for faster depreciation, freeing up cash flow. This could be especially beneficial for capital-intensive industries.

2. Section 179 expensing

Current rules: Businesses can “expense” up to $1.25 million of qualified asset purchases in 2025, with a phaseout beginning at $3.13 million. Under Section 179, businesses can deduct the cost of qualifying […]

By Linkenheimer LLP|2025-06-14T15:15:46+00:00June 14th, 2025|business, deduction, depreciation, New Tax Laws, News, research credit, tax cuts|0 Comments

Tax Breaks in 2025 and How The One, Big, Beautiful Bill Could Change Them

The U.S. House of Representatives passed The One, Big, Beautiful Bill Act on May 22, 2025, introducing possible significant changes to individual tax provisions. While the bill is now being considered by the Senate, it’s important to understand how the proposals could alter key tax breaks.

Curious about how the bill might affect you? Here are seven current tax provisions and how they could change under the bill.

Standard deduction

The Tax Cuts and Jobs Act nearly doubled the standard deduction. For the 2025 tax year, the standard deduction has been adjusted for inflation as follows:

$15,000 for single filers,
$30,000 for married couples filing jointly, and
$22,500 for heads of household.

Under current law, the increased standard deduction is set to expire after 2025. The One, Big, Beautiful Bill would make it permanent. Additionally, for tax years 2025 through 2028, it proposes an increase of $1,000 for single filers, $2,000 for married couples filing jointly and $1,500 for heads of households.

Child Tax Credit (CTC)

Currently, the CTC stands at $2,000 per qualifying child but it’s scheduled to drop to $1,000 after 2025. The bill increases the CTC to $2,500 for […]

By Linkenheimer LLP|2025-06-14T15:04:56+00:00June 14th, 2025|2025, News, tax cuts|0 Comments

BOI Reporting: Now You See It, Now You Don’t

If you thought the Beneficial Ownership Information (BOI) reporting deadlines were finally settled, think again. The U.S. Treasury Department has now suspended enforcement of the Corporate Transparency Act (CTA) altogether—meaning no fines, no penalties, and, for now, no rush to file. Oh, and they’re also considering limiting BOI reporting to foreign entities only.

At this point, the timeline for BOI reporting has changed more often than a bad Wi-Fi signal. First, it was January 1, 2025. Then January 13. Then a court put it on hold—only for FinCEN to say enforcement would still happen… until now, when Treasury decided to press pause on the whole thing.

According to the Treasury’s latest announcement, the government is “suspending implementation and enforcement of the Corporate Transparency Act” while they evaluate legal challenges. Meanwhile, they are considering “a rule to limit BOI reporting to only foreign reporting companies,” a move that would exempt many U.S. businesses from compliance.

So, what’s next? Will BOI reporting make a comeback? Will deadlines magically reappear? No one really knows. But for now, businesses can take a break, maybe put that compliance […]

By Linkenheimer LLP|2025-03-04T18:42:55+00:00March 4th, 2025|New Tax Laws, News|0 Comments

The Never-Ending Saga of Beneficial Ownership Reporting: Another Day, Another Deadline

If you’ve been trying to keep up with Beneficial Ownership Information (BOI) reporting deadlines, you might feel like you’re stuck in a regulatory version of Groundhog Day. Just when businesses thought they had a handle on the Corporate Transparency Act (CTA) requirements, FinCEN hit pause—announcing it won’t issue fines or penalties for missed deadlines and plans to extend them further with a new rule by March 21, 2025. Meanwhile, Congress is considering pushing the deadline all the way to January 1, 2026. Sound familiar? That’s because this keeps changing.

Originally, BOI reports were due by January 1, 2025. Then it moved to January 13, 2025. Then a Texas court got involved, briefly stopping enforcement before reversing course. Now, FinCEN says “no penalties for now” while lawmakers debate an even longer delay. If you’re confused, don’t worry—so is everyone else.

For now, businesses can take a breather. But stay alert, because if history tells us anything, this deadline might move again. Until then, keep those compliance checklists handy… just maybe in pencil.

For the latest updates on BOI reporting, visit

By Linkenheimer LLP|2025-02-28T19:13:39+00:00February 28th, 2025|New Tax Laws, News|0 Comments