Hurricanes are just one of several weather emergencies companies may face, depending on location. Tornadoes, floods and wildfires also pose serious threats. To lower the risk of closure and improve the chances of a strong recovery, businesses should establish a comprehensive weather emergency plan.
The Section 199A qualified business income (QBI) deduction was initially authorized by the Tax Cuts and Jobs Act (TCJA) to benefit certain business owners and self-employed individuals. Set to expire after 2025, it has been given new life. The One Big Beautiful Bill Act makes it permanent and adds improvements. Here's a basic description of the original QBI deduction and how it stands now.
The passage of the One, Big, Beautiful Bill Act delivers many family-friendly provisions. This article provides a brief rundown of three: the Child Tax Credit, the Credit for Other Dependents, and the adoption credit.
The One, Big, Beautiful Bill Act includes a nice deduction for senior citizens. For 2025 through 2028, individuals age 65 and older may be able to claim a new senior deduction of up to $6,000, subject to income-based phaseouts. This deduction is available whether eligible taxpayers itemize or not.