47: Breaking Down the Big Beautiful Bill Part 1 for Businesses

In this episode, I share Part 1 of my review of the recent tax legislation passed by Congress. The One Big Beautiful Bill Act (OBBBA), passed in early July, is the biggest tax legislation since the pandemic.

In Part 1, I break down the biggest items impacting Small Businesses including: bonus depreciation, the extension and permanence of the QBI deduction, overtime and tip changes, charitable contribution changes for corporations, and the change in the 1099 reporting requirements starting in 2026.

This high level review should give you talking points to take back to your tax preparer before year end to make sure your tax plan encompasses any changes.

OBBBA Text: https://www.congress.gov/bill/119th-congress/house-bill/1/text

Transcript

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 I am Beth Whitworth race car driving quilt making CPA firm owning wife, mom, and boss. I'm here to help you build a business you love by sharing all of the good, the bad, the ugly, and the excellent sides of working in this industry. It's not always easy, but after many years, I can finally say it's worth it.

Let me guide you on your journey to accounting with confidence.

Hello? Hello. Here I am going live. All right. We got. Becky is in my in the background. She is my assistant extraordinaire, and she's going to make sure that everything is working while I'm going live. So I'm just going to kind of kill a couple of minutes here before we start talking about our topic. Um, and let you know, I haven't been live probably in kinda streaming format, probably since the pandemic legislation, and I did a whole bunch of that.

Back then, and so I was much better at it. So this is gonna be a new and exciting experience We have, um, a big, big, big topic and it's so big that it is a two-part series, so I'm going to do a second. Part next week at this same time, you know, same bat time, same bat channel right here at nine o'clock. Next Thursday the 14th, we're gonna talk about the second part.

So today's first part is really going to be about the one big beautiful bill act that was passed last month, and we're gonna focus on the business part of that. So here we are. It's nine o'clock. For those of you who don't know me, my name is Beth Whitworth. I'm a CPA here in St. Louis, Missouri. I have grown up in the tax industry and have been working in tax for the last 29 years.

I'm also what I would consider a, not your typical accountant. I'm working very hard to change the stereotypes and the traditional industry standards that have plagued the CPA profession for years, which is lots of hours. Billing by time, you know, people don't wanna get into this industry. So we believe in work and family balance, and we don't keep track of time by client and we don't bill for time.

We are a subscription based firm. So with that being said, this is the first big piece of legislation that we have had. Probably since the pandemic and other than the pandemic related type of legislation that came out, the last one was the TCJA ACT in 2017, and that was a huge piece of legislation that changed so many things.

A lot of it was making that the standard deduction and personal exemptions and all of that stuff changed and that was huge. A lot of things relating to itemized deductions changed, but that Bill actually had a whole, whole bunch of functions and features in it that were set to expire, and we knew that that tax cliff was coming and we knew that unless something was passed to.

Essentially extend those that things could get really ugly or revert back, which after you got used to something for 5, 6, 7 years, going back to that, uh, could have been really. In, in my world, catastrophic because it is such, planning is such a big part of taxes and we can't plan if we don't know what's happening.

So we're glad that the bill passed. I will not get into politics. I will not get into a. The four and the against. There are some good, there's some bad, there's some ugly in this, there's some good-ish stuff and there's some bad ish stuff, but mostly it is something that it's here. And so I want to give you a kind of an overview of those things that you need to be thinking about and that you need to be reaching out to your tax preparer, your tax planner, about before the end of the year.

So I'm gonna dive into the biggest items I feel affect the business side of things from the O-B-B-B-A Act. Now, I will say first off, as you're looking at this, use reputable sources. I could get something wrong. Fact check. Make sure that you understand not all of the rules are outlined. There's not guidance on everything yet, so we're not gonna get into the nitty gritty of how everything is going to work.

We are going to talk about what things you need to have in the back of your mind. As you are doing some of these tax planning, so use reputable sources Now, if you wanted to look at the entire bill, it's out there. You have to go to congress.gov. It is probably 800 pages. It is a lot of very, very detailed information and it covers both the individual and the business side of things.

So you want to make sure that you are sort of. Paying attention. But if you don't wanna get, dig into all of that, then you just need to give it some time and make sure you're using reputable sources as you are researching some of this for us, reputable sources are things like the A-I-C-P-A, it's the Air American Institute of Certified Public Accountants.

There are going to be some, I would say some of the, your larger CPA firms that have research departments. Those are gonna get you some good information on how things are going to work. Then we, you know, we rely on the Journal of Accountancy that summarizes things. We really, it's, it's one of those things where you just want a reputable source, and if you're not sure, ask your accountant and if they're not sure, make sure they are going to get the information for you from a reputable source.

So, okay. Now we're diving in. I'm gonna highlight the biggies, the ones that I feel are the big ones. And if you have any questions, concerns at all, put them in the chat, the comments, wherever you are watching this, and I'll try to answer them as they come up. So first of all, the QBI deduction, so that is qualified business income deduction that was put in place in the 2017 TCJA act.

And what that allowed is for small businesses, mid-sized businesses to get a 20% deduction above the line for. Off of their taxes. And this is sole proprietors. This is pass through entities. This is corporations, this is everybody, and it was set to expire at the end of this year. So we would've had this year and the next year that 20% was going to be gone.

Now it was not available ever. For everyone. There was a, a clause in there for the SSBs, which is the special service tax businesses, specialized services, and those were anything where, like me, accounting, that was a limited industry. That was one where you can get it, but it's going to be limited because the brand, the, the work.

Supposedly relies just on you, which some of these industries, it was like lawyers, graphic designers, social influencers, accountants, lawyers, all these things. So. You can still get that they have expanded it, so it's less limited for those industries. But everybody else, it's staying in place. And this has been a huge tax planning tool for our small businesses.

They've also put in place a minimum where you can at least always get $400, so it's not phased out completely on everybody. So that being extended and made permanent is a great thing for. Planning efforts and for the small businesses to have that break. So it's 20% off of the your, I guess you're considered your, it's off your adjusted gross income, so it's above the line deduction, and we want that.

Now, there are some phase outs, there are some limitations, so it doesn't affect everybody. But if you are a small business, you want to make sure that that is something that is happening on your return. Now the biggie and the one I've, um, had the most questions about since this bill has passed is depreciation.

What is happening there? So there was special bonus depreciation was put in place and it for a number of years. It was from 2017 to 2022. It was a hundred percent, and that meant that you could essentially accelerate the depreciation by expensing. Assets the first year at a hundred percent. Now after 2022, it started going down by 20% a year, and it was scheduled to phase out at the end of 2026 where it special bonus depreciation was going away completely.

So for 2024 tax planning, we were looking at a 60% deduction. And for this year until this law passed, we were looking at a 40% bonus depreciation. Now the difference between the bonus depreciation and the section 1 79 that people talk about. The bonus depreciation did not depend on you having a profit in your business.

And you could take that depreciation and dump yourself into a loss situation, uh, for tax purposes. And that was okay. So as that shrunk, you know, you got to take 40% of your asset in the first year in 2025 instead of. A hundred percent. You would then depreciate the rest of it over the life of that asset this past this July, and it's back to a hundred percent and it's permanent.

And this is for assets that are new or used. You can use it either way, and it's a hundred percent you can elect to take it all in the first year. Permanent and I will, I'll say these things are mentioned that they are permanent, but I will tell you that it's permanent until another tax law could come and adjust it.

So right now we're treating it like it's permanent. It would take an act of Congress to change it, but those acts can happen as we are seeing. So the 100% bonus depreciation that went into effect is retroactive, and it is going back to January 19th of this year. So anything purchased January 19th or after if 2025.

Subject to the a hundred percent, I'm going to assume, but have not done the research that if you purchase something before January 19th, put it in service before January 19th, that it would still be subject to the 40% on the bonus depreciation. Not that it would not get any, so that, but that is something that I would have to kinda look at.

So the other part of the. Depreciation is the section 1 79, so the section 1 79, like I mentioned, it's been around forever and I will tell you, when I started in the industry long, long time ago, it was $54,000 a year is what you could expense, 54,000 that, and that was. Low for a very long time. And then gradually some acts passed and it increased, increased, increased.

So I will tell you that, let me, I'm gonna look up this number because after I tell you that it was 54,000, you're thinking, oh, well how high could it really be? And the answer is, it's really high. It was cha So. Bill changed it from, so last year it was limited to, you could take $1,160,000 in section 1 79 qualifying property, and now they've changed it.

You could take 2.5 million in section 1 79, so in the last 29 years. That has, has been huge. And what this allows is you can take that section 1 79, you can expense the, your assets in the first year, and then it allows, it has some rules. One of those is you can't deduct them into a loss situation. You can have some section 1 79 that carries forward.

We opt, um, as tax preparers to not do that unless we really, really know what's happening moving forward with the business. But they, if they're currently in a situation where taking this would bump them into a loss situation, I would say we are gonna take that bonus depreciation instead because there's not restrictions.

You can take it, you don't have to worry about doing the carry forward. So that is the 1 79 limits. Now it's. The phase out threshold for that is 4 million, so the maximum amount that you can expense is 2.5 and the phase out is if you have more than $4 million in, I believe it's in profit. So that is a biggie.

The other thing that has come up quite a bit, and this is both an individual and a business related item, and that is all of the information relating to tips and overtime being exempt from tax. Now there's a lot of. Information about that, that is probably incorrect. I would say don't just go rely on a chat GPT or an AI agent to give you information on this.

You really need to go to the reputable source, and you may need to be waiting until we've got more guidance coming. But these go into effect in 2025, and that is the first $25,000 of tips, qualified tips. Are going to be exempt for those employees from the federal taxes. It's not exempt from payroll taxes.

So as an employer, if you're in a tip industry, you are still going to be paying in taxes, you know, Medicare, social Security on those tips. This is only impacted by federal withholding for you. So they could be that. There's not gonna be any federal withholding on that. I don't know how the payroll systems are going to handle it.

I don't know how the W twos may or may not change on that. I don't know what reporting requirements are going to happen for you. So if you're in a tip industry, and keep in mind, tip industries are what I. IRS is saying your typical ones, and so it's food and beverage, so restaurant type and bars, they have included beauty.

Anybody who's typically getting tips, you know, and that's your, your hair salon, your nail salon, your, any of those types of things. They're going to come out with the actual list, and I think they have until, uh, sometime early October. They're supposed to be very specific on what industries this is going to be allowed in on the tips because they don't want.

You to start saying, oh, well, I'm just gonna call that tips, um, so that I can get that exemption on my personal return. Now, there are some phase outs for individuals. On your individual return, you're going to have some phase outs relating to if you're married or filing jointly. I think it's, I wanna say 75,000.

It's single. $150,000 married filing joint. But I'd have, let me, I can confirm those. Um, so you wanna make sure as an employer and you're in a tip industry, get ahead with it of this, get with your payroll provider and figure out. If anything needs to change along those same lines, because that is a 2025 thing.

This is 2025. That means if w twos are gonna change, it's gonna change for 2025. Now the other piece of that is over time, so there's a $12,500 deduction available for an individual on their, their first 12,500 of overtime. Now, we have never reported overtime on a W2. Which means there's going to be a lot of changes happening in how this is reported, and I'm guessing payroll companies are going to have to start changing things behind the scenes of how they are going to actually report this.

Now there is, the overtime is treated the same way as the tips. It is just the federal that is. Exempt, and it doesn't mean that you're not gonna withhold on it. It means that they get to take on their individual return a deduction for $12,500 and if they had withholding on it, they'll get it back. So it's, it shouldn't change anything from the tax.

Calculation standpoint for the employer, but it may change the reporting. It may change how you're putting the information into your payroll system to make sure that you are right, using the correct codes, that the limits are in there correctly, so that you can report correctly so that you don't have to amend W twos.

So the hardest returns in the world. To amend our W twos and 10 90 nines. So those reporting documents are, have the worst correction mechanism that I've really ever had to deal with. So. Those, I would say for sure you want to look into if you ever pay overtime, you have hourly people and you do pay overtime.

You want to make sure that you are getting that handled correctly. And as a reminder, you know, if you're the business owner, if you're a sole proprietor, you do not qualify to get overtime. You do not qualify to get tips. So don't think that you can do something to move your earnings to some other category so that you can get a tax break that may or may not be.

Well, there are phase outs, so if you're, you may not get 'em. Anyway. So next, let's talk about. Okay. We talked about the QBI deduction. We're glad that stayed. Bonus depreciation, we're glad that's coming back. Tips and overtime. Now an administrative thing that's happening, it's happening in 20, doesn't happen until 2026, and it's relating to those 10 90 nines that I said are horrible to amend.

The current guidelines and the current guidelines for uh, 2025 are any contract that you pay for services over $600. So that's a pretty low threshold. There's been, this has been batted about many, many, many times. Um, they're moving that threshold for the 2020 sixth year to $2,000. So your 10 99 NECs, which is non-employee compensation, and your 10 99 miscellaneous, which are typically.

Rent and, and things that are not considered self-employment income. That's going to 2000 for the year instead of 600, and I believe it is then going to be indexed for inflation so that that number might continue to climb. That's great. It's going to eliminate some things. I have not dug into it enough to see if it changes anything relating to the fact that attorneys always had to get 'em regardless of the amount.

Um, that was, that was one that has always been that way. I'm not sure. What they are trying to imply on that, uh, attorney's industry. So that is changing. The other thing, and this was a big hoopla, was those 10 99 Ks. So as a business owner that accepts payment in, whether it's a cash app of some sort, uh, Venmo, a PayPal, a, uh, any of those, a stripe a square, all of those.

Or you have a merchant service account, anything that you were running through with a card of some sort, a debit card, a credit card, those were, the merchant service account was issuing you a 10 99 K, and it was changed to where it was $600. They had to issue them, and that is when everybody started going up in arms because all of these cash apps didn't use to have to do that because the limit was higher.

It was $20,000. For the year and 200 transactions. So those two things combined with what? What would trigger the 10 99 K? Well, they dropped that. They put as no limit on the number of transactions, said zero and $600. And so people started getting 10 99 Ks that they didn't even realize that were coming.

Now. You should have always been reporting all of the income that you were getting from your debit cards and your credit cards Always. So it was never an issue as long as your earnings were more than that. 10 99 K, if that's what you reported in revenue, was higher than the 10 99 K. You didn't have an issue if it was lower because you forgot to report something, and the 10 99 Ks were issued for more.

It became a problem, and there were some things that were happening where 10 99, 10 99 Ks were issued in individual numbers, social security numbers instead of federal ID numbers. So I will tell you, unless you are a sole proprietor that does not have a federal ID number, don't put a merchant service account in your Social security number no matter what.

Because even if. They change this limit where you don't need to get one until it's $20,000. Someone still, it needs to be reporting that income and it should be the business. And when it's, when those numbers don't match up, they come looking for it. And we've had multiple issues where we've had to go and fight with the, either the merchant service company or.

Go to the IRS and say, Hey, this is where this was reported, to get these interest in penalties and tax liabilities off of some of these individuals. So the good news is for 2026, you're not gonna be getting 10 99 Ks unless there was at least $20,000 run through that merchant account. And 200 transactions.

So that's going to eliminate a whole, whole, whole bunch of the little guys, the ones that, especially if you have multiple channels of accepting income, you've got string, or excuse me, you've got Square, you've got Stripe, you've got all these. It is not cumulative, so it's $20,000 for each of those. They will not be reporting unless it goes over.

So that's a good, good thing. Administratively it's a good thing, but I will kind of reassure you. You need to be reporting that income. There is a matching function there that you need to be aware of. Okay, so there was a whole bunch of other items relating to the energy. He, you know, provisions, so there was the commercial clean vehicle credit.

There was, uh, residential clean energy credits. There was, most of these are terminated as of 2025. The commercial clean vehicle credit is terminates for vehicles. Acquired after September 30th, 2025. Energy efficient home credits are after June 30th, 2026. So there's, if you're, you're looking at anything relating to these credits, um, whether it's for your personal house, whether it's for your business location, whether it's for a vehicle, you want to be checking with your.

Your tax preparer and find out what is changing and what are those dates, because some of those dates are coming up very, very quickly. So if you're considering getting some sort of energy efficient credit and you've thought about it and haven't done it yet, you might wanna really think about that pretty, pretty quickly.

Now one of the corporate issues, so it's for the C corporations relating to charitable deductions. Now, there are provisions relating to individuals that I will talk about next week relating to charitable deductions, but for corporations, they have always had a limit that you couldn't. Get a deduction from donations made in excess of 10% of your income for a corporation, you would get to carry anything over that 10%.

You would have to carry that over to future years. For the next five years, they have now added with the O-B-B-B-A-A floor. Where you have to give, you only get a deduction for contributions. Over 1% of your income still limited to 10%, so you won't get a deduction. So say you made, I dunno, a hundred thousand dollars in income, if you gave $900 in contributions, that is not gonna be deductible for you.

As a corporation, as a C corporation, you would have to make a contribution of at least a thousand dollars. To get a deduction and you would have to do less than $10,000 to keep it from having to be carried forward. So that is new. I think that has some good and some bad. Like I said, there's some goodish and some bad ish.

The good is that could have a corporation giving more than what they would have otherwise to some of these charitable organizations, and I will. Tell you, I'm, I'm doing a webinar next week talking about not-for-profits and, um, cybersecurity, doing that along with advisory next week. And it is one of those things where I know the charitable organizations right now are feeling the belt tighten.

So they're having more competition for grants, they're having more competition. It's harder for them to get money right now because inflation is high. There's uncertainty. So anything relating to stimulating the charitable giving from whether it's a corporation or an individual, I think will be a good thing.

So from this standpoint, I say, okay, well. Maybe that's going to encourage a corporation to give a little bit more because they have to give at least 1% of their earnings in order to get a deduction, maybe. Although it could also go the other way and say, well, I don't wanna give that much, and so I'm just not gonna give anything.

So there's, there's the good and the bad there for sure. On the individual side, there's going to be some things that also impact that. So, okay. The last area that I think I'm going to talk about and then I'll open it up for any questions if anybody has any, if anybody has seen any questions, whatever, let me know.

But the last thing is. Also a crossover between an individual and a business issue, and that is what they call the salt cap. So SALT stands for state and local tax, and with the TCJA of 2017, they put in place a cap that your state and local income taxes on your itemized deductions. Was going to be limited and has been limited to $10,000.

And what that did is for higher earning individuals who had higher. State tax liabilities, they were limited. So if you were lived in a state that had high real estate tax and personal property tax, and you were in a bracket that had you paying a lot in state tax, or you had live in a city that requires local tax, that was all being limited.

If it was in the past, you had $25,000 of that. That all flowed through his an itemized deduction in 2017. Got limited to 10,000, no carryover, no anything. And so your line on your itemized deduction for taxes could never exceed $10,000 and that forced. States to do something about it. And so many, many states, especially those with some higher tax rates and even those with some moderate tax rates, they put in place a pass through entity tax, which allowed.

Your S corporations and your partnerships to be able to essentially estimate and pay state income tax on behalf of their owners, so on behalf of their members and their shareholders. And so they would then get a business deduction for. Paying that or accruing that state income tax on the business. And so then that became a, a whole, you know, a whole dollar for dollar deduction that they were able to get.

So we've been using this as a planning strategy, especially for tax. So higher income individuals who were getting severely limited on their state and local tax, on their itemized deductions. We've been pushing that over to their entities when it made sense. And having that paid in by the entity and it has been working fairly well.

So with this act with the OBBA, O-B-B-B-A three Bs in there, the big beautiful bill, they have changed that to 40,000 as the cap and it, it is also limited. So. It is retroactively increased for 2025, which means this goes into place in 2025. It moves the cap from 10,000 to 40,000, and that is for 2025, and it's gonna be 40,400 for 2026, and then a 1% increase.

After that 2030, it's supposed to revert back to 10,000. So that, that, I don't like those cliffs. I don't, it makes it really hard to plan. So we've got a five-year window here. While that we can still plan for this now, things that could happen with this increased cap, some states may withdraw their PTET, their.

Pass through entity tax. They may, they may not, knowing that there's a cliff here, then they may, okay, we're just gonna have to put it back, so maybe we'll just leave it. But there may start to be some limitations. On a state level though, there's no limitation. For currently for the federal, they're not limiting how much you can deduct on a pass through entity for your state and local taxes.

So I'm hoping that the states leave it in place and that right now we can use that as a planning tool for 2025 and going forward, and then we're gonna kind of have to wait till 20. 30 and see if something changes. There is a phase out for modified adjusted great gross income that's greater than 500,000.

So if you're in a higher tax bracket and some people who are already are in that higher bracket for their state too, they're gonna see a phase out, but it is not going to. It can't be reduced below $10,000, so you're going to get at least 10,000 on your itemized deduction. So that is a pretty big one from a TA tax planning standpoint.

So the QBI and the past SEN tax and the depreciation. So I would say those are the three biggies from a tax planning standpoint that really need to, you need to be paying attention to, you need to be getting with your tax advisor if it's me, if I'm your tax advisor. Thank you, but can I ask one big favor from you Relating to that is give us time, so not just us, but give the IRS time to generate the guidance to we're, we're not going to get a all of the details on all of the things.

Really until filing season, but we'll start to get better guidance. I would say late September, October, November, we're going to, it's going to be evolving as far as the details on how some of these are going to be impacted now. We've been dealing with bonus depreciation section 1 79 for years, so we know how that works.

That's not gonna probably be a big change, but there are some of these that may be especially relating to the individual tax returns. Now one final thing, and it may not impact a whole lot of you, but it could, the r and d research and development expenses in the past, you're required to essentially amortize those over 15 years and you had, there was a certain amount you might be able to get ahead of time, but everything else had to be over 15 years they changed that and it is expensed immediately effective 2025.

So for, it's fully, for January, 2025. So this is again, retroactive. There is also the ability, if you had some credits in the past, you can go back and amend and take those. And there's also going to be a provision that whatever you had left to amortize, you could. Take that as an expense in the next two years, uh, one to two years.

I don't know if it's an election to take it all in one year or spread it over to one to two. I don't know. Don't have the details. But if you are into the r and d space, then you want to make sure you're speaking with somebody about how that is going to change. And if you should make some amendments to get some of those, I think you can go back to 2020.

Two to amend, and then anything that you had left, that's a amortizable you can essentially take in the next couple years. And it's only for domestic RN research and experimental essentially is what they call it. Any foreign expenditures are still on that 15 year window. Okay. All right. That's a lot.

That's a lot. You know, that is just. The business side of things. But I am, like I said, I'm going to ask a favor of all of you. You know, give your accountant some time, some time to absorb this. So this was passed in the heart of the summer while most of us were vacationing, some of us were surprised that they actually got it done.

I'm glad they got it done when they did, because it gives us the rest of the year to really sort this out. Now, one thing that has already come up and will. Continue to come up is that the tax filing season will probably start later because as they put, I mean, I only talked about the highlights of the business side.

There's a lot on the individual side and whenever there's any change. Every form gets changed. Now, every form gets changed every year anyway, because they have to roll forward dates and limits and phase outs and all of those things. But when they're adding a whole, whole bunch of things, it takes a long time for them to get everything in and approved because.

Software developers cannot put the changes in prior to something being made in made into law. And then a lot of times they have to wait for guidance. They have to wait for the guidance. How is this going to be impacted? Now Forms as you can go look at forms, they're gonna be out on irs.gov, but. It may or may not, um, be ready yet.

So you have to look at the publishing date of those forms. So what they're talking about now is that the filing season, meaning e-file season, that has typically started at the very end of Dec of January, will be closer to mid-February. Now, I don't think that any of these changes that are being made on the business side is going to extend any of those returns that are due on March 15th.

It's probably not going to extend the deadline for W twos, even though there are significant changes that may be occurring on those W twos. So just, just keep that in mind. So as, as I'm asking, give us some time to absorb every everything. Also realize that there's probably going to be some delay next year and our season may get even more compressed.

So it is the, the good, the bad, and the ugly of being in the tax preparation field. But I've been doing it a long time, so I guess I'm going to continue to do it. I'm very, very happy for any of you who stuck around, if you are watching this on the replay and you have any questions or if there's an item that you heard about, or saw or read about.

And I didn't address it and you have questions about it, reach out and, you know, leave me a comment. We'll be monitoring these. This is gonna come out as a, also as my podcast episode, so if you listen to me, it's Accounting With Confidence is a podcast. I'm on all the platforms. I talk about, um, how to I em empower you to build a business that you love, whether it's in the accounting industry or some other industry.

I share my successes and my failures. So next week YouTube live, still be on all the channels, Facebook, LinkedIn, nine o'clock, August 14th. We're gonna break down the big beautiful bill, part two on for the individual things. So go to any of those platforms, give me a chat, reach out, let me know if there's anything you have specific questions on, and we will continue to get emails out as much as we can.

And get some, um, social media posts out as a reminder. So, okay, so Deb, I see your comment here. Can you speak more to the credits please? Does that mean new furnace, AC, solar, et cetera? Let me look. So for the energy efficient home improvement credit, that is what you're referring to with the furnace, the AC residential clean energy credit, if it applies to that.

So it looks like any of the res residential ones are being terminated after December 31st, 2025. So you've got, you know, another four months essentially to put something in place there. It's some of the commercial related ones are impacted as of September 30th, but it looks like all of the residential, the home related ones appear to be, uh, December 31st, 2025.

Okay. Hopefully that answered your question on that one. If anybody, again, if anybody has any questions watching this on the replay, reach out. I will be happy to answer anything I can or research something for you. Everybody. I hope you have a good day. I hope. See you next week if you're interested in learning about.

All of the individual things. I wanna say I probably have a list of about 12, so I might go kind of quick, but, and it'll might be an overview 'cause we don't know all the details, but I will, I will try and I will also see if I can get a little bit of a. Summary out so that you guys can download it, but don't hold me to it.

I am leaving today to go racing again and be back on Monday, so it's gonna be a short window. So, alright everybody, I want you to have a great day and if you need me, you know where to find me. Bye.

Thanks for listening to another episode of Accounting with Confidence. My hope is that my experiences can help you navigate the realities of owning and operating your business. Please subscribe or follow the podcast on your favorite podcast listening platform so that you never miss an episode. Feel free to leave me a text by using the, send us a text message link in the show description and let me know how I'm doing.