The Internal Revenue Service will introduce a new tax form, Schedule 1-A, linked to the One Big Beautiful Bill Act, allowing business owners to claim expanded deductions such as tips and overtime.

The Tax Court determined that W-2 wages that are not deductible under Sec. 280E in calculating taxable income are not included when calculating the Sec. 199A qualified business income (QBI) deduction.

Karla Dennis, EA, MST, is CFO/CEO of the award-winning tax accounting firm KDA Inc.—specializing in tax planning. Business owners, it’s time to talk about one of the most powerful deductions still on ...

In this fourth installment of my multi-part series on the One Big Beautiful Bill Act (the “Act”), Steve Nofziger and I discuss a provision of the Act that impacts pass-through business entities and ...

High-earning business owners now have an opportunity to take a massive tax deduction thanks to the One Big Beautiful Bill Act. Still, they may have to implement some financial planning advice to ...

The One Big Beautiful Bill comes with new tax provisions that will immediately affect taxpayers retroactive to the start of this year and beyond. Find Out: I Asked ChatGPT What Trump’s ‘Big Beautiful ...