Tax Topics
The 2026 tax landscape is set to shift dramatically as key provisions from the 2017 Tax Cuts and Jobs Act expire and new rules from the One Big Beautiful Bill Act (OBBBA) take effect. Taxpayers can expect higher individual income tax rates, a reduced standard deduction, the return of personal exemptions, and a smaller child tax credit. One of the most impactful changes is the adjustment to state and local tax (SALT) deductions.
Estate and gift tax exemptions will also drop sharply, and businesses may see changes to the 20% pass-through deduction. With so many moving pieces, working with a CPA can be invaluable—they can interpret how these shifting rules affect your specific situation, identify planning opportunities, and help you make strategic decisions to minimize your tax burden in 2026 and beyond.
Qualified Business Income (QBI)
Qualified Business Income deduction (QBI) allows business owners to deduct a percentage of qualified business income from their personal income. It's considered a good thing to many small-business owners because it directly reduces taxable income, without requiring extra spending or special tax strategies. Meaning less taxes leading to extra money to reinvest or spend.