The One Big Beautiful Bill Act (OBBBA) is here to change a lot of things, and there’s a good chance that it’ll impact you, too. If you’re not exactly into politics, you might believe that ignorance is bliss. In this case, ignorance could lead to poor tax planning and inefficient tax filing. We encourage you to learn about the many ways that the OBBBA can affect your taxes and what you can do to prepare yourself as a smart tax filer. Schedule a consultation with Maggi Tax Tampa today so we can make sure your tax filing accounts for these important new updates.
The “One Big Beautiful Bill” Act: An Overview
Remember the Tax Cuts and Jobs Act from a few years ago? The OBBBA aims to make those changes permanent. This will likely change the way you file taxes in Tampa, regardless of whether you’re a single filer, business owner, or retired senior citizen.
From adjusted tax brackets to new deductions, there’s a lot to sort through to make sure you’re up to date. Tax organization is key, and we’re here to help.
Read more > How Can The OBBB Affect My Finances?
Individual Tax Filers Get More Leeway
The one change that’ll hit most of Tampa’s tax filers will be permanent and temporary adjustments to existing tax brackets and deductions after the OBBBA.
- New permanent tax brackets will now be set at 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
- The standard tax deduction will be raised to account for increasing inflation.
- Estate and gift tax exemptions have been permanently increased to $15 million per tax filer.
Business Tax Filers May Qualify For More Deductions
Tampa businesses especially need to be aware of OBBBA tax changes to maintain smooth business operations. Here are some of the most impactful:
- The 100% first-year bonus depreciation has been made permanent.
- Business owners can now fully (and permanently) deduct domestic research and experimentation (R&E) expenses.
- Tampa businesses that qualify for the 20% business income deduction can now claim it permanently.
- The business interest deduction limit has been adjusted in favor of the business owner.
Other New Tax Deductions For 2025
Whether you’re a single filer or filing taxes for your business, everyone should know their tax deductions for 2025. Ask your reputable tax planner in Tampa about qualifications for these optimized tax deductions in response to the OBBBA:
- The State and Local Taxes (SALT) deduction cap has been doubled for the next few tax years. $20,000 for single filers, and $40,000 for couples filing jointly.
- For the next three years, the tax deductions for tipped wages and overtime pay are temporarily increased. $25,000 for tipped wages, and $12,500 for overtime pay.
- A new “Trump Accounts” tax-deferred savings account has been made available for children born between 2025 and 2028.
- A new tax deduction allows seniors 65 and older to claim an additional $6,000 on their tax filing for the next three years.
How Should I Prepare For These Tax Changes?
Meeting with a reputable tax planner in Tampa is the best move you can make in response to the OBBBA and the countless changes it has in store. These experts stay up to date with all new developments for smart tax strategies and preparation.
A tax professional in Tampa can help you:
- Capitalize on all tax deductions you may qualify for
- Understand new temporary tax deductions
- Adjust your estate plan according to tax adjustments
- Ensure smart charitable gift giving
Plan For Efficient Tax Filing With Maggi Tax Tampa! Schedule a Consultation Today For Expert Tax Strategies
Be prepared for anything, even changes to your tax filing after OBBBA, when you hire Maggi Tax Tampa! Call (727) 799-1701 to schedule a consultation appointment for expert tax planning services near you.
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