Tax law changes 2025

Written By Anna Schell

One Big Beautiful Bill: Understanding the Latest Tax Law Changes

The recent comprehensive tax legislation, often dubbed the "One Big Beautiful Bill," introduces significant changes impacting individuals, small businesses, agriculture, and emergency service professionals. As your trusted advisor, Anna Reid CPA is committed to helping you navigate these updates with integrity and precision.

Key Highlights of the Tax Law Changes

  • Tax Rate Adjustments: Marginal tax rates have been revised, affecting income brackets across the board. Careful planning can help you optimize your tax liability.

  • Agricultural Provisions: Enhanced deductions and credits for farmers aim to support sustainability and growth within this vital industry.

  • Emergency Services Incentives: New tax credits reward frontline fire and emergency personnel, recognizing their invaluable service. No tax on overtime.

  • Small Business Support: Expansion of depreciation schedules and qualified business income deductions provide greater flexibility for small business owners.

  • Enhanced Retirement Contributions: Modifications to contribution limits and withdrawal rules allow for better retirement planning.

  • Bookkeeping and Reporting Requirements: New compliance measures necessitate accurate and timely bookkeeping, an area where strategic financial consulting is indispensable.

  • Individual Tax: New itemized deduction limit for taxes that could allow more individuals to itemize their deductions.

What This Means for You

At Anna Reid CPA, we tailor our services to fit your unique situation, whether you're managing a small farm, running a business, or filing as an individual. Understanding these changes ensures you remain compliant while maximizing tax benefits.

How We Can Help

  • Tax Filing & Planning: Proactively adjust your filings to accommodate new rules and avoid surprises.

  • Bookkeeping Services: Maintain up-to-date records that align with new regulations.

  • Financial Consulting: Develop strategies that leverage tax law changes to enhance your financial position.

Our approach is grounded in the values of integrity, honor, perseverance, and respect, guiding you through complex tax landscapes with confidence.

Contact Anna Reid, CPA to schedule a consultation and take full advantage of these important tax law changes.

Anna Schell