Individuals have faced an uncertain tax situation for years, as many key provisions of the federal tax code were set to expire after 2025. On July 4, 2025, President Trump signed into law the One, Big, Beautiful Bill Act, which extended or made permanent many federal tax breaks, including the current tax rates. Other tax breaks were eliminated, and some new ones were created. This article provides a rundown of key provisions.

The One, Big, Beautiful Bill Act is a sweeping new law, enacted on July 4, 2025, that brings many changes for business owners and other taxpayers. Tax breaks that had expired or were scheduled to sunset soon have been given new life. Other tax provisions been enhanced and some have been trimmed back or eliminated. This article provides a rundown of the major ways businesses can expect to benefit and in some cases to see their tax obligations reduced.

Whether operating a company or starting a new one, it’s important to know what records need to be kept. All expenses that support tax deductions a business is entitled to need to be carefully recorded. And any information that will help defend entries on a tax return must be kept, in case of an IRS audit.

These brief tips explain what can happen if you fail to file a required tax return, the taxability of an inheritance, and the benefits of hiring your child to work in your business.