Effective January 1, 2026, several federal tax law changes are set to take effect that may impact both businesses and individual taxpayers. Two of the most notable updates involve meal expense deductions and gambling loss limitations. Understanding these changes now can help you plan ahead, avoid surprises, and ensure expenses are categorized correctly. Meal Expense…
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Tag: OBBA Tax Changes
One Big Beautiful Bill Act – Individual Update
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, brings some of the most significant tax reforms in recent history. These changes will impact how individuals approach income planning, deductions, and estate strategies. Below is a summary of the key provisions most relevant to individual taxpayers. Continuation of Tax Cut…
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