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Bennett Thrasher Presents: Beyond The Ledger
Explore “Beyond the Ledger,” Bennett Thrasher’s podcast where advisors and industry leaders look past the numbers to uncover the strategies, risks, and opportunities shaping today’s businesses. Each episode delivers timely insights across tax, advisory, and technology to help provide clarity through confident advisement.
Bennett Thrasher Presents: Beyond The Ledger
Shake-Ups and Tax Wins: The OBBBA Edition Every Taxpayer Needs To Hear
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In this episode of Beyond the Ledger, Shardae Layfield, alongside the expertise of Ben Bowers, Nina Desai, and Duwayne Sibley discuss the One Big Beautiful Bill Act, focusing on its implications for taxpayers, including changes to tax deductions, R&D expensing, and new incentives for manufacturers. The conversation highlights the importance of understanding the various provisions and deadlines associated with the legislation, providing insights into how individuals and businesses can optimize their tax strategies moving forward.
Takeaways
- The One Big Beautiful Bill Act impacts individual taxpayers and businesses alike.
- Continuity and stability in tax provisions are key themes of the legislation.
- The state and local tax deduction cap has been expanded for certain taxpayers.
- Charitable contribution rules have been updated, allowing some deductions for non-itemizers.
- New deductions for tips and overtime are available for lower to middle-income workers.
- R&D expenses can now be fully deducted starting in 2025 for domestic expenses.
- Changes to the R&D tax credit include a requirement for expenses to be Section 174 expenses.
- 100% bonus depreciation is reinstated, with specific rules for acquisition and service dates.
- Manufacturers can benefit from new incentives to write off buildings, but there are strict definitions and requirements.
- Attention to deadlines is crucial for maximizing benefits under the new tax laws.
Chapters
00:00 Introduction to the One Big Beautiful Bill (OB3)
03:08 Continuity and Stability for Taxpayers
08:11 State and Local Tax Deduction Changes
10:47 Charitable Contribution Rules Update
14:07 New Deductions for Tips and Overtime
17:53 R&D Expensing Changes Under OB3
22:09 Impact of Section 174 on R&D Credit
24:40 Understanding Changes to the R&D Tax Credit
28:51 Exploring Bonus Depreciation Rules
33:36 New Incentives for Manufacturers
40:16 Additional Changes in Depreciation and Expensing
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