Is Your Business Ready for the New Tax Bill? 5 Moves to Make Now

The Senate is currently in a marathon “vote‑a‑rama” phase, reviewing hundreds of amendments to the “One Big Beautiful Bill” (OBBBA) passed by the House in May. That means significant changes remain possible before a final Senate vote—expected this week—followed by a return to the House and, ultimately, the President’s signature.

While we await the final results, it is wise to proactively prepare for the pending changes that may impact your business.

Here are 5 things business owners can do today to protect their bottom line:

Proposed legislation: The bill extends 100% bonus depreciation through 2025 and raises Section 179 expensing limits.

What you can do to prepare:

• Review upcoming equipment or property purchases to see if accelerating them into 2025 still makes sense.
• Model both scenarios—accelerating vs. delaying—to evaluate tax savings and cash flow impact.
  
  

Proposed legislation: The Senate is expected to make the 20% Qualified Business Income deduction permanent, though thresholds may shift.
 
What you can do to prepare:

• Review your entity structure and compensation—especially for pass-throughs—to ensure you’re maximizing QBI.
• If you're an S‑Corp, plan your W‑2 wages strategically to stay eligible.
  
  

Proposed legislation: The Senate version maintains full R&D immediate expensing through 2025.
 
What you can do to prepare:

• Identify qualifying R&D projects now—software, prototype testing, etc.—to time purchases and payroll accordingly.
• Track project costs meticulously, even if you’re a small business—many still qualify.
  
  

Proposed legislation: The House included a $40K SALT cap, but the Senate is reviewing adjustments and may revert to the current $10K cap.

What you can do to prepare:

• Estimate both scenarios—$10K vs. $40K—and understand the impact on your high-tax region.
• Consider entity-level state taxes (PTET) as a potential workaround, pending legislative finalization.
  
  

• This week: Expect the Senate to wrap up the vote‑a‑rama and vote on final passage.
• Next steps: Any changes by the Senate will trigger a return to the House. With internal opposition and Democrat tactics, this could delay the timeline beyond July 4.
• Why this matters: Legislation may shift SALT caps, depreciation rules, energy credits, or clean energy incentives—potentially affecting your business investments or deductions.

Quick Action Checklist for Business Owners

• Connect with your CPA now to model scenarios under both House and Senate versions.
• Align capital plans, payroll, and entity decisions to anticipated provisions.
• Track legislative updates weekly—we’ll notify clients of critical changes.
• Delay irrevocable decisions (e.g., entity elections, major hires/purchases) until final text is clear.

Bottom Line

Even though the final version of the bill remains in flux, your financial planning doesn't have to wait. By proactively modeling key tax changes—bonus depreciation, Section 199A, SALT cap—you can position your business to seize opportunities and mitigate risks.

Our tax advisory team is closely monitoring every amendment and will provide timely updates. Reach out today to discuss how your financial roadmap may be impacted—and how you can make smart, strategic decisions before the dust settles.