As tax legislation evolves, staying ahead of the changes isn’t just a good idea, it’s essential. With the upcoming tax reform being touted as “big” and “beautiful,” businesses and individuals alike are wondering what it really means for their bottom line. At Haefele Flanagan, we specialize in translating complex legislation into clear, actionable insight so you can move forward with confidence.
This summary reflects a few of the main elements of the “One Big Beautiful Bill” as it currently stands, though further amendments are likely as it moves through the legislative process.
| Area | Key Provisions |
| Individual Tax Cuts | Permanent 2017 tax cuts, higher standard deduction, bigger child tax credit |
| Business Tax Cuts | Expanded small business deduction, immediate expensing, gig worker relief |
| Social Programs | Medicaid/SNAP cuts, tighter work requirements |
| SALT Deduction | Cap raised to $40,000, phased out for high earners |
| Education & Savings | Expanded 529 accounts, children’s savings accounts |
| Health Care | Expanded health savings accounts, limits benefits for noncitizens |
| Estate & Gift Taxes | Higher exemption, made permanent |
| R&D Expensing | Restores immediate deduction for domestic R&D costs (reverses current 5-year amortization rule); 15-year amortization still applies for foreign R&D. |
| Other | No tax on tips/overtime/car loans, higher taxes on elite universities/nonprofits |
Tax bills often come with hundreds of pages of legal language and legislative nuance. While some of these changes may offer opportunities, others may require careful planning and timely decisions. Our professionals proactively study tax changes, interpret their real-world implications, and work with clients to craft strategies that support long-term success. If you have questions, we are here to help.
