The One Big Beautiful Bill Act (OBBBA) reshaped how individuals save, spend, and plan for taxes. Whether you are a family, retiree, or self-employed, this guide highlights the most important 2025 updates to deductions, credits, and tax-saving opportunities you should know now.

Big changes are here for 1099s. For 2025, the $600 contractor rule still applies, but starting in 2026 the threshold rises to $2,000. Meanwhile, 1099-K reporting resets to $20,000 + 200 transactions. Here’s what business owners need to know now to stay compliant.

The clock is ticking on some of the most generous energy-related tax savings available.
Under the One Big Beautiful Bill Act (OBBBA), the 30% Residential Clean Energy Credit (RCEC) and valuable home energy improvement credits are set to expire after December 31, 2025. That means homeowners and business owners who invest in upgrades like solar panels, energy-efficient windows, or new heat pumps could see thousands in tax savings - but only if the systems are fully installed and placed in service before the deadline.

The OBBBA restored and expanded powerful tax breaks - including permanent 100% bonus depreciation, bigger Section 179 expensing, and new deductions for production property. From equipment and vehicles to rental real estate, these changes could unlock massive first-year write-offs for 2025 and beyond.

Massive updates from the One Big Beautiful Bill Act (OBBBA) are reshaping the tax code in 2025. From higher standard deductions to new credits and some surprising phaseouts, these changes could either save you thousands or cost you if you’re unprepared.

Here’s a breakdown of the updates that matter most for business owners and families this year.