What the One Big Beautiful Bill Act Means for Your Business and Wealth Strategy

Article | June 16, 2026

Authored by Your Firm LLC

What if some of the most significant tax changes in years were already in effect -- and your financial plan had not caught up yet? That is the reality facing many business owners and high-net-worth individuals in the wake of the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025. From accelerated depreciation to restored research deductions, the OBBBA reshapes the tax landscape in ways that create real opportunities -- but only for those who act with intention.

Key Changes Every Business Owner Should Know

The OBBBA introduced several provisions that directly affect how businesses plan, invest, and grow. Three of the most impactful changes include:

• 100% Bonus Depreciation Restored: Businesses can now immediately deduct the full cost of eligible assets acquired and placed in service after January 19, 2025. This had phased down to 60% in 2024, making the restoration a meaningful planning opportunity for capital-intensive businesses. The OBBBA also introduced 100% first-year depreciation for qualified production property -- essentially factory buildings -- opening new possibilities for manufacturers and developers.
• Immediate R&E Expensing: For tax years beginning in 2025 and beyond, domestic research and experimental (R&E) expenditures can be deducted in the current year rather than amortized over five years. Eligible small businesses can even elect to apply this rule retroactively to 2022, 2023, and 2024 -- with a filing deadline of July 6, 2026.
• Improved Business Interest Deduction Rules: More favorable rules for deducting business interest expense are now permanently in place for tax years beginning in 2025, benefiting businesses that carry debt to fund operations or growth.

"The OBBBA gives business owners some of the clearest planning signals we have seen in years," said Jamie Miller, CPA, Partner at Your Firm. "Whether it is the restoration of full bonus depreciation or the ability to finally deduct research costs in the year they are incurred, these are real dollars that can be redirected into your business -- but only if you have a strategy in place to capture them."

What This Means for High-Net-Worth Individuals

For high-net-worth individuals, the OBBBA's business provisions intersect meaningfully with personal tax strategy. Many successful individuals own pass-through entities -- partnerships, LLCs, and S corporations -- whose tax items flow directly to their personal returns. The expanded Section 179 expensing election (now up to $2.5 million for 2025), restored bonus depreciation, and improved interest deduction rules can all reduce taxable income at the individual level. Coupled with the relatively stable tax policy environment expected for the rest of 2026, now is the time to model your decisions under current law -- rather than waiting on hypothetical legislative changes that may never materialize.

"High-net-worth individuals who own businesses or investment property have a narrow but real window to take advantage of these provisions," Miller noted. "The key is not to let legislative speculation drive you to inaction. Current law is the foundation -- and right now, that foundation is favorable."

Do Not Wait to Take Action

The filing deadline for most pass-through entities covering the 2025 tax year is March 16, 2026 -- and while a six-month extension is available, planning should begin now. For businesses with R&E expenditures going back to 2022, the window to amend prior returns closes July 6, 2026. Missing these deadlines means leaving real money on the table.

How Your Firm Can Help You Move Forward

At Your Firm, our Tax Planning and Compliance team works with business owners and high-net-worth individuals across the Mid-Atlantic and beyond to build strategies grounded in your specific situation -- not generic advice. We go far beyond filing returns. We work with you throughout the year to ensure you are positioned to take full advantage of the law as it stands today.

Our tax services related to the OBBBA include:

• Business Tax Planning and Compliance: Strategic planning for closely-held companies, pass-through entities (partnerships, LLCs, and S corporations), and corporations -- including capital expenditure planning, bonus depreciation strategy, and business interest deduction analysis
• R&E Expenditure Review and Retroactive Elections: Identifying eligible domestic research and experimental costs, modeling retroactive deduction opportunities for 2022 through 2024, and meeting the July 6, 2026 deadline for amended returns
• Individual and High-Net-Worth Tax Planning: Coordinating business and personal tax strategies for owners of pass-through entities, including the expanded Section 179 expensing election and after-tax income optimization
• Entity Structuring and Business Advisory: Evaluating whether your current business structure maximizes the new OBBBA provisions and advising on restructuring when appropriate
• Estate, Gift, and Wealth Transfer Planning: Integrating OBBBA business provisions with your broader estate and legacy planning strategy
• Coordination with Your Firm Wealth Management: Aligning your investment and retirement strategy with your updated tax position to ensure every part of your financial life is working together

Ready to put the OBBBA to work for you? Contact our Tax Planning and Compliance team today to schedule a consultation. Our advisors are ready to review your 2025 tax position and help you capture every opportunity the new law has to offer -- before key deadlines pass.