This course provides a focused analysis of the individual and small business provisions in Pub. L. 119-21 (H.R.1), "One Big Beautiful Bill." Tailored for tax professionals working with Form 1040 filers, the course explores impactful updates, from the no-tax-on-tips provision to enhanced bonus depreciation. Designed to inform planning strategies and compliance for the 2025 tax year and beyond. Participants will gain actionable insight into newly proposed deductions and expanded credits. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
Learning Objectives
After attending this presentation, you will be able to...
- Recognize key individual and small business tax reforms.
- Apply provisions such as no-tax-on-tips, no-tax-on-overtime exclusions, expanded senior deduction, and car loan interest.
- Evaluate planning opportunities using expanded credits, phase-outs, and entity-level deductions.
- Advise Form 1040 filers on compliance strategies and tax planning as these provisions take effect.
Major Topics
The major topics that will be covered in this course include:
- Individual Taxation: Child Tax Credit expansion and additional senior deduction SALT cap extension
- Income & Adjustments: Tip income exclusion, overtime relief, educator expenses
- Education Incentives: Student loan discharge, 529 plan expansion, new “TRUMP Accounts”
- Business Taxation: Bonus depreciation, 199A expansion, interest deduction limits
- Estate & Gift Tax: Increased exemption threshold, charitable deduction changes
- Compliance & Reporting: 1099-K, 1099-NEC and 1099-MISC threshold changes
