These are taxes on income, both earned income, such as salaries, wages, tips or commissions, and unearned income, such as interest from savings accounts or dividends if you hold stock. Individuals and businesses are subject to incometaxes.
The One Big Beautiful Bill, signed into law on July 4, 2025, reshapes estate and tax planning strategies. Key provisions include a higher $15 million estate and gift tax exemption, an expanded SALT deduction cap, preservation of lower income tax rates, enhanced benefits for qualified small business stock, and continuation of the 20% QBI deduction. Together, these changes provide new opportunities for high-net-worth individuals and business owners to refine their tax and estate plans with greater certainty.
On July 4, 2025, sweeping tax reform was signed into law—bringing lasting changes for both individuals and businesses. The legislation makes the 2017 tax cuts permanent, restores 100% bonus depreciation, enhances R&D deductions, expands SALT caps, and introduces new rules for energy credits, estate taxes, and Opportunity Zones. Whether you're a business owner, investor, or employee, these changes could impact your bottom line. Read on for the key highlights and what to watch in the years ahead.