The recently passed One Big Beautiful Bill brings some of the most sweeping federal tax changes in recent years—impacting individuals, families, and businesses alike.
At GO, we’ve been preparing for this moment since long before the bill became law. In the months since its passage, we’ve taken time to carefully review the final legislation, attend in-depth trainings, and analyze guidance from trusted professional organizations to fully understand how these changes may affect you.
Key Provisions That Will Impact Many of Our Clients:
Estate Tax Exemption Made Permanent
The expanded federal estate tax exemption, originally scheduled to sunset after 2025, will now remain in place. This creates long-term stability for estate and legacy planning and may shift the strategy conversation for families with significant assets.
Increased SALT Deduction Cap (2025–2029)
For clients in higher-tax areas like King County, the increase in the State and Local Tax (SALT) deduction cap could lead to larger itemized deductions starting in 2025. This change may reopen planning opportunities that haven’t been available in recent years.
Above-the-Line Charitable Deduction for Standard Filers
Beginning in 2026, taxpayers who don’t itemize can still deduct certain charitable contributions—up to $1,000 for single filers and $2,000 for married couples filing jointly. If you typically take the standard deduction, it’s time to start saving those charitable receipts.
100% Bonus Depreciation Returns
For business owners planning to purchase new equipment, vehicles, or other qualifying assets, 100% bonus depreciation has been restored through 2029. This means you can fully deduct the cost of these assets purchased after January 19th, 2025, in the year you buy them—offering a powerful tax benefit and an incentive to invest in your operations sooner rather than later.
Qualified Business Income Deduction (QBID) Made Permanent
Owners of pass-through businesses—like sole proprietors, LLCs, S-corporations, and partnerships—can continue to deduct a portion of their qualified business income each year. This extension provides meaningful, ongoing tax savings for small business owners looking to reduce their taxable income and reinvest in their growth.
These tax law changes bring both challenges and opportunities, and starting the conversation early gives you the best chance to make confident, informed decisions.
Interested in starting a tax planning conversation? Contact our Tax team today.
Amber Wojcik – Tax Manager
References
House Ways and Means: https://waysandmeans.house.gov/wp-content/uploads/2025/05/The-One-Big-Beautiful-Bill-Section-by-Section.pdf
