The Big Beautiful Bill: A Game-Changer for Business Owners

In July 2025, President Trump signed the One Big Beautiful Bill Act (Public Law 119-21), ushering in sweeping tax reforms that have made a notable impact—especially on business owners across industries. While the legislation has stirred considerable controversy, several provisions have delivered tangible benefits for small and midsize businesses.

Key Business Benefits

1. Immediate Write-Offs: Bonus Depreciation & Section 179 Expanded

Business owners can now immediately deduct 100% of the cost of qualified assets—like equipment, vehicles, and software—acquired after January 19, 2025. This permanent bonus depreciation replaces the previous phased-out approach, which only allowed a 40% write-off. In addition, the bill increases the Section 179 deduction limit from $1.25 million to $2.5 million—doubling the amount business owners can expense in a single year.

2. Expanded Small Business Deduction

The 20% pass-through income deduction for small-business owners under Section 199A not only survives but is increased to 23% and made permanent, offering substantial federal tax relief.

3. Simplified Reporting for Gig Workers & Third-Party Sellers

To reduce administrative burdens, the bill raises the IRS reporting threshold for third-party payment apps like PayPal and Venmo. This helps streamline tax compliance for small e-commerce and gig-economy entrepreneurs.

4. Boost to Regional Services & Outsourcing

Compliance demands from new tax rules have fueled increased demand for outsourced accounting, payroll, and HR services. This shift has spurred growth for business-process outsourcing firms.

As highlighted by Kiplinger, these shifts underscore how adaptable b

usinesses—particularly small ones—can capitalize on evolving tax rules and compliance needs.

5. Increased Demand for Local Tax Professionals

The changes have benefited regional CPA firms amid a growing need for tax planning and guidance on the bill’s provisions, helping boost wages and opportunities in these smaller firms.

The One Big Beautiful Bill Act brings meaningful tax relief for business owners, particularly small and pass-through entities:

• Invest confidently with full, upfront deductions for equipment and software

• Enjoy a more generous pass-through income break

• Take advantage of simplified reporting for freelance and gig workers

• Support local tax professionals and outsourcing services amid rising demand

But be sure to mark your calendar—September 15, 2025, is the last day to file your corporate or business return under extension. Proactive planning now can help you avoid late-filing penalties and secure all available deductions.