Core Points - The "One Big Beautiful Bill" introduces new tax provisions that will have immediate effects on taxpayers retroactive to the beginning of the year [1] Group 1: Taxpayer Actions - Taxpayers should update their 2026 tax estimates to reflect new permanent deductions, including breaks for tips and overtime pay, a higher SALT deduction limit, and the return of the 20% small-business deduction [3] - It is advisable for taxpayers to compare the benefits of itemizing deductions against the standard deduction, especially with the new $40,000 cap on SALT deductions, which is adjusted annually for inflation [4][5] Group 2: Small Business Implications - Small-business owners can benefit from the 20% qualified business income deduction as a permanent tax break, allowing them to discount eligible profits [6] - The removal of limits on the pass-through entity tax deduction provides more flexibility for small businesses to reduce state taxes, with retroactive relief opportunities available for those with receipts under $31 million for 2022 and 2023 [7] Group 3: Energy Projects - Taxpayers involved in energy-efficient buildings or renewable energy projects should expedite qualifying projects under sections 45L and 179D before June 30, 2026 [8] - Wind and solar projects must be operational by the end of 2027 to qualify for full benefits, and businesses should carefully time the construction of new industrial facilities to take advantage of permanent 100% bonus depreciation [9]

IRS Confirms Early Termination Dates, Issues Guidance On Energy Credits https://t.co/mPart3pbpi https://t.co/MyVQlZ6oib ...

IRS Confirms Early Termination Dates, Issues Guidance On Energy Creditshttps://t.co/vrOYwZ0WJC https://t.co/u5zFtmiNgq ...