Remember when I said “wait and see” about those tax changes? Well, the waiting’s over. Trump just signed what he calls his “Big Beautiful Bill” on July 4th.

And honestly? It is pretty beautiful for small businesses.

I’ve been a CPA for years. I’ve seen tax changes come and go. But this one? This one’s different. Let me tell you why you should be excited.

The Magic Word: Permanent

Here’s the thing that changes everything – these aren’t temporary tax breaks that disappear in a few years. They’re permanent.

You can finally plan ahead without wondering “Will this tax break still be here next year?”

The answer is yes. It will be.

Show Me the Money (Part 1: Equipment)

Remember that expensive piece of equipment you’ve been putting off buying? The one that costs $50,000?

Old rules: Spread that deduction over several years. Painful.

New rules: Write off the ENTIRE $50,000 this year. Boom.

This isn’t just for small stuff either. Need a new truck? New computers? New manufacturing equipment? All of it. 100% deduction in year one.

Cash flow problem? What cash flow problem.

Show Me the Money (Part 2: R&D)

Do you spend money improving your products? Developing new services? Even training employees counts as R&D sometimes.

Here’s where it gets really good.

You can now deduct ALL of this the year you spend it. No more spreading it over 5 years.

But wait, there’s more. (I sound like an infomercial, but stay with me.)

If your business makes less than $31 million a year (and let’s be honest, most of you do), you can go BACK to 2022 and 2023. File amended returns. Get money back for R&D expenses you already paid taxes on.

This is literally free money sitting in the IRS vault with your name on it.

Your Employees Just Got a Raise (Sort Of)

This one’s clever. Really clever.

Tips are now tax-free. Up to $25,000 per employee.

Overtime pay? Also tax-free. Up to $12,500 per person.

Now here’s why this is brilliant for you as the business owner:

Your employees get to keep more money without you paying them more money. They’re happier. You’re not spending more. Win-win.

If you run a restaurant, salon, or any business where people get tips, your employees just became a lot more motivated to work for you.

The Boring Stuff That Saves You Real Money

Business loan interest? You can deduct more of it now. The technical term is “EBITDA vs EBIT” but who cares about the name? You save money on your taxes. That’s what matters.

State and local taxes? The deduction cap went from $10,000 to $40,000. If you live in California, New York, or any high-tax state, you just saved thousands.

Child care for employees? There are new tax credits that basically pay you to help your employees with child care costs.

By Industry: Who Wins Big?

Restaurants and Bars: Your tipped employees are going to love you. No taxes on tips means they keep way more money.

Manufacturing: New equipment, new buildings, R&D expenses – all 100% deductible immediately. You basically got every tax break you could ask for.

Professional Services: That 20% business income deduction you’ve been enjoying? It’s now permanent. Plan accordingly.

What This Means in Real Life

Let’s say you’re thinking about buying a $100,000 piece of equipment.

Under the old rules: You’d deduct maybe $20,000 this year, spread the rest over several years.

Under the new rules: You deduct the full $100,000 this year.

If you’re in the 25% tax bracket, that’s $25,000 in tax savings. Immediately.

That $100,000 equipment purchase just cost you $75,000 in real money.

See why I’m excited?

The Reality Check

Yes, this adds to the national debt. About $4 trillion over 10 years.

But here’s the thing – when businesses invest and grow, they create jobs. Jobs create tax revenue. Tax revenue helps pay down debt.

At least that’s the theory. And honestly? I’ve seen businesses sit on cash for years because tax rules kept changing. Now they have certainty. They’ll invest.

What You Need to Do Right Now

This week:

• Dig up any R&D expenses from 2022 and 2023
• Make a list of equipment you’ve been wanting to buy
• Think about your employee compensation strategy

This month:

• Consider timing major purchases for maximum tax benefit
• Review your business structure to make sure you’re getting all available deductions

This quarter:

• Actually make those equipment purchases
• Implement new employee benefit strategies
• Start planning for 2026 with these permanent rules in mind

The Bottom Line

We’ve been doing this for a long time. I’ve never seen tax changes this favorable to small businesses.

The key word is “permanent.” You can finally plan for the long term.

But here’s the catch – you need to act. These benefits don’t happen automatically. You need to make the right moves at the right time.

That’s where we come in.

Let’s schedule a meeting. we’ll show you exactly how much money these changes can save YOUR business. We’ll look at your specific situation and create a plan.

Because here’s what we know: The businesses that act fast on this will have a huge advantage over the ones that wait.

Don’t be the one that waits.

Talk soon,

P.S. – Remember those R&D expenses from 2022-2023? Some of our clients are getting five-figure refunds just from amended returns. Just saying.