President Trump’s One Big Beautiful Bill passed over the summer, but the tax benefits have barely begun. Many Main Street businesses stand to gain significantly from new tax law deductions into next year, some key ones as high as 100% of costs.
The favorable tax measures are not all entirely new. Some had been phased out or were going to sunset and now have been resurrected. But there’s so much meat to the bill that small businesses may have missed some significant opportunities for bottom-line savings, according to Jeffrey Kelson, co-leader of EisnerAmper’s National Tax Office.
According to Melanie Lauridsen, vice president of tax policy and advocacy with the American Institute of Certified Public Accountants, many of the provisions in the bill are particularly favorable to Main Street companies and local economies.
To be sure, there are still some unknowns, given that the Treasury Department and the IRS still have to release multiple regulations and guidance about how the bill is implemented and interpreted. But overall, it’s seen as a boon for small businesses.