Insights & Updates

What the One Big Beautiful Bill Act Means for Your Taxes

Signed into law on July 4, 2025, the One Big Beautiful Bill Act (OBBBA) ushers in a sweeping extension of many tax breaks first introduced by the 2017 Tax Cuts and Jobs Act (TCJA). Alongside those extensions, the bill introduces a host of new tax deductions, credits, and planning opportunities for individuals and business owners alike.

Below is a high-level overview of the key provisions that could affect your personal tax situation. Think of this as your starting point for exploring how to adjust your financial strategy in light of the impact on you.

Ohioans:  What The New $60B Budget Means for Taxpayers and Business Owners

While 2025 hasn’t brought sweeping tax reform (yet), several important changes and trends are worth noting as you look ahead to year-end planning:

Ohio Tax Updates: The Ohio General Assembly has approved legislation that flattens individual income tax rates to 2.75% in 2026 for individuals earning more than $26,050. The flat tax could lower your tax bills; however, those who had comfortable withholding arrangements under the older brackets may find themselves either significantly under or over-withholding as the structure changes. We suggest working with your accountant to finetune any payroll adjustments. Click the link below to find additional details about the recent legislation.

Small Business Focus: The IRS continues to scrutinize the Employee Retention Credit (ERC) and has begun enforcement activity in cases of improper claims. If you received the ERC, we encourage you to keep your records in good order.

Estate & Trust Tax Services

If you’re serving as a trustee, executor, or beneficiary—or managing a family trust—we offer dedicated estate and trust tax preparation services to ease the burden of this important responsibility. Our team is highly experienced in the complexities of fiduciary tax compliance.

Meet the Newest Members of Our Tax Team

We’re excited to introduce two accomplished professionals who are newer additions to the firm:

	Jill Jones, EA Jill brings decades of experience in individual and business tax preparation and advisory. Before joining our team, she successfully ran her own tax practice and spent many years in IT with the State of Ohio—combining technical expertise with a strong focus on client service and practical solutions.
	David Soltis Dave has a strong background in accounting and tax services for small and mid-sized businesses. His thoughtful, solution-oriented approach helps business owners stay compliant, manage cash flow, and plan strategically for the future.

Would You Like to Check In Before Year-End?

Now is a great time to schedule a mid-year check-in. Whether you’re tracking income changes, planning major purchases, evaluating your business structure, or preparing for retirement, we’re here to make sure your tax plan aligns with your life goals.

As always, thank you for the trust you place in Nichols & Company CPAs. We take our role as advisor very seriously.

To learn how we can help make your life #LessTaxing, please contact us or visit our website.

Ampersand header image courtesy of John Weber