Welcome To ADHIKARI CPA
Adhikari CPA PLLC has been providing personalized tax and accounting services throughout Texas and CT since 2019. With our certified training and expansive financial knowledge, we are equipped to handle all of your accounting & tax needs, no matter how complex. Whether you require assistance at the corporate or personal level, we are ready to serve as your tax planners and accounting advisors.
The One Big Beautiful Bill Act (OBBBA) — Key Tax Provisions for Individuals & Small Businesses (2025+)
1. General Overview
The OBBBA, signed into law on July 4, 2025, enshrines permanent enhancements from the 2017 Tax Cuts and Jobs Act—while introducing new, targeted provisions for individuals, seniors, and businesses
Individual Tax Updates
- Tax Rates TCJA-era individual tax brackets (10%–37%) are now permanent, adjusted annually for inflation.
- Standard Deduction Permanently raised to $15,750 (single) and $31,500 (married filing jointly), with inflation adjustments beginning 2026.
- Personal ExemptionPermanently eliminated, but a temporary $6,000 deduction for taxpayers aged 65+ applies through 2028, with income-based phaseouts
- SALT Deduction CapTemporarily raised to $40,000 (or $20,000 for married separate filers) through 2029, with phaseouts for MAGI above $500K/$250K. Pass-through entity tax (PTET) workarounds are preserved
- New Deductions (2025–2028)- Tip income: Up to $25K deduction (phaseouts apply)IRSWikipedia
- Overtime pay: Up to $12.5K ($25K joint) deductionWikipediaHCVT
- Auto loan interest: Up to $10K deduction for U.S.-assembled vehicles; phased out for higher-income taxpayers - Itemized Deductions LimitFor top-bracket taxpayers, itemized deduction benefits are capped at 35% of value starting 2026.
- Charitable GiftsFrom 2026, non-itemizers may deduct up to $1,000 (single) or $2,000 (joint); itemizers face new thresholds.
- AMT AdjustmentsPermanent retention of higher exemption and expanded phaseout thresholds
- Estate & Gift TaxStarting 2026, exemption increases to $15M per individual / $30M per couple, indexed thereafter.
3. Small Business & Business-Related Provisions
- Qualified Business Income (QBI) Deduction
The 20% Section 199A deduction is now permanent, with expanded phaseouts and a $400 minimum deduction for eligible low-income taxpayers. - Bonus Depreciation
Full (100%) bonus depreciation is extended permanently for assets acquired after January 19, 2025, including certain U.S. production property. - Section 179 Expensing
Limits are raised to $2.5M, with a $4M phaseout threshold—both now inflation-adjusted. - Domestic R&D Expensing
Section 174 changes allow optional immediate deduction of domestic research costs (in lieu of amortization), retroactive for small businesses to 2022 - Interest Deduction (Section 163(j))
Business interest limits now based on EBITDA rather than EBIT, expanding deductible capacity. - QSBS Changes (Section 1202)
Small business stock exclusion cap increases to $15M, asset limit rises to $75M, and gains exclusions now tiered by holding period (3–5 years). - Corporate Charities
A new 1% floor plus existing 10% ceiling limits corporate charitable deductions, with carry-forward rules for excesss. - Sunset of Energy Tax Incentives
Clean energy incentives—including Section 25D residential credits—expire post-2025.
The One Big Beautiful Bill Act (OBBBA) — Key Tax Provisions for Individuals & Small Businesses (2025+)
1. General Overview
The OBBBA, signed into law on July 4, 2025, enshrines permanent enhancements from the 2017 Tax Cuts and Jobs Act—while introducing new, targeted provisions for individuals, seniors, and businesses
Individual Tax Updates
- Tax Rates TCJA-era individual tax brackets (10%–37%) are now permanent, adjusted annually for inflation.
- Standard Deduction Permanently raised to $15,750 (single) and $31,500 (married filing jointly), with inflation adjustments beginning 2026.
- Personal ExemptionPermanently eliminated, but a temporary $6,000 deduction for taxpayers aged 65+ applies through 2028, with income-based phaseouts
- SALT Deduction CapTemporarily raised to $40,000 (or $20,000 for married separate filers) through 2029, with phaseouts for MAGI above $500K/$250K. Pass-through entity tax (PTET) workarounds are preserved
- New Deductions (2025–2028)- Tip income: Up to $25K deduction (phaseouts apply)IRSWikipedia
- Overtime pay: Up to $12.5K ($25K joint) deductionWikipediaHCVT
- Auto loan interest: Up to $10K deduction for U.S.-assembled vehicles; phased out for higher-income taxpayers - Itemized Deductions LimitFor top-bracket taxpayers, itemized deduction benefits are capped at 35% of value starting 2026.
- Charitable GiftsFrom 2026, non-itemizers may deduct up to $1,000 (single) or $2,000 (joint); itemizers face new thresholds.
- AMT AdjustmentsPermanent retention of higher exemption and expanded phaseout thresholds
- Estate & Gift TaxStarting 2026, exemption increases to $15M per individual / $30M per couple, indexed thereafter.
3. Small Business & Business-Related Provisions
- Qualified Business Income (QBI) Deduction
The 20% Section 199A deduction is now permanent, with expanded phaseouts and a $400 minimum deduction for eligible low-income taxpayers. - Bonus Depreciation
Full (100%) bonus depreciation is extended permanently for assets acquired after January 19, 2025, including certain U.S. production property. - Section 179 Expensing
Limits are raised to $2.5M, with a $4M phaseout threshold—both now inflation-adjusted. - Domestic R&D Expensing
Section 174 changes allow optional immediate deduction of domestic research costs (in lieu of amortization), retroactive for small businesses to 2022 - Interest Deduction (Section 163(j))
Business interest limits now based on EBITDA rather than EBIT, expanding deductible capacity. - QSBS Changes (Section 1202)
Small business stock exclusion cap increases to $15M, asset limit rises to $75M, and gains exclusions now tiered by holding period (3–5 years). - Corporate Charities
A new 1% floor plus existing 10% ceiling limits corporate charitable deductions, with carry-forward rules for excesss. - Sunset of Energy Tax Incentives
Clean energy incentives—including Section 25D residential credits—expire post-2025.
The One Big Beautiful Bill Act (OBBBA) — Key Tax Provisions for Individuals & Small Businesses (2025+)
1. General Overview
The OBBBA, signed into law on July 4, 2025, enshrines permanent enhancements from the 2017 Tax Cuts and Jobs Act—while introducing new, targeted provisions for individuals, seniors, and businesses
Individual Tax Updates
- Tax Rates TCJA-era individual tax brackets (10%–37%) are now permanent, adjusted annually for inflation.
- Standard Deduction Permanently raised to $15,750 (single) and $31,500 (married filing jointly), with inflation adjustments beginning 2026.
- Personal ExemptionPermanently eliminated, but a temporary $6,000 deduction for taxpayers aged 65+ applies through 2028, with income-based phaseouts
- SALT Deduction CapTemporarily raised to $40,000 (or $20,000 for married separate filers) through 2029, with phaseouts for MAGI above $500K/$250K. Pass-through entity tax (PTET) workarounds are preserved
- New Deductions (2025–2028)- Tip income: Up to $25K deduction (phaseouts apply)IRSWikipedia
- Overtime pay: Up to $12.5K ($25K joint) deductionWikipediaHCVT
- Auto loan interest: Up to $10K deduction for U.S.-assembled vehicles; phased out for higher-income taxpayers - Itemized Deductions LimitFor top-bracket taxpayers, itemized deduction benefits are capped at 35% of value starting 2026.
- Charitable GiftsFrom 2026, non-itemizers may deduct up to $1,000 (single) or $2,000 (joint); itemizers face new thresholds.
- AMT AdjustmentsPermanent retention of higher exemption and expanded phaseout thresholds
- Estate & Gift TaxStarting 2026, exemption increases to $15M per individual / $30M per couple, indexed thereafter.
3. Small Business & Business-Related Provisions
- Qualified Business Income (QBI) Deduction
The 20% Section 199A deduction is now permanent, with expanded phaseouts and a $400 minimum deduction for eligible low-income taxpayers. - Bonus Depreciation
Full (100%) bonus depreciation is extended permanently for assets acquired after January 19, 2025, including certain U.S. production property. - Section 179 Expensing
Limits are raised to $2.5M, with a $4M phaseout threshold—both now inflation-adjusted. - Domestic R&D Expensing
Section 174 changes allow optional immediate deduction of domestic research costs (in lieu of amortization), retroactive for small businesses to 2022 - Interest Deduction (Section 163(j))
Business interest limits now based on EBITDA rather than EBIT, expanding deductible capacity. - QSBS Changes (Section 1202)
Small business stock exclusion cap increases to $15M, asset limit rises to $75M, and gains exclusions now tiered by holding period (3–5 years). - Corporate Charities
A new 1% floor plus existing 10% ceiling limits corporate charitable deductions, with carry-forward rules for excesss. - Sunset of Energy Tax Incentives
Clean energy incentives—including Section 25D residential credits—expire post-2025.
The One Big Beautiful Bill Act (OBBBA) — Key Tax Provisions for Individuals & Small Businesses (2025+)
1. General Overview
The OBBBA, signed into law on July 4, 2025, enshrines permanent enhancements from the 2017 Tax Cuts and Jobs Act—while introducing new, targeted provisions for individuals, seniors, and businesses
Individual Tax Updates
- Tax Rates TCJA-era individual tax brackets (10%–37%) are now permanent, adjusted annually for inflation.
- Standard Deduction Permanently raised to $15,750 (single) and $31,500 (married filing jointly), with inflation adjustments beginning 2026.
- Personal ExemptionPermanently eliminated, but a temporary $6,000 deduction for taxpayers aged 65+ applies through 2028, with income-based phaseouts
- SALT Deduction CapTemporarily raised to $40,000 (or $20,000 for married separate filers) through 2029, with phaseouts for MAGI above $500K/$250K. Pass-through entity tax (PTET) workarounds are preserved
- New Deductions (2025–2028)- Tip income: Up to $25K deduction (phaseouts apply)IRSWikipedia
- Overtime pay: Up to $12.5K ($25K joint) deductionWikipediaHCVT
- Auto loan interest: Up to $10K deduction for U.S.-assembled vehicles; phased out for higher-income taxpayers - Itemized Deductions LimitFor top-bracket taxpayers, itemized deduction benefits are capped at 35% of value starting 2026.
- Charitable GiftsFrom 2026, non-itemizers may deduct up to $1,000 (single) or $2,000 (joint); itemizers face new thresholds.
- AMT AdjustmentsPermanent retention of higher exemption and expanded phaseout thresholds
- Estate & Gift TaxStarting 2026, exemption increases to $15M per individual / $30M per couple, indexed thereafter.
3. Small Business & Business-Related Provisions
- Qualified Business Income (QBI) Deduction
The 20% Section 199A deduction is now permanent, with expanded phaseouts and a $400 minimum deduction for eligible low-income taxpayers. - Bonus Depreciation
Full (100%) bonus depreciation is extended permanently for assets acquired after January 19, 2025, including certain U.S. production property. - Section 179 Expensing
Limits are raised to $2.5M, with a $4M phaseout threshold—both now inflation-adjusted. - Domestic R&D Expensing
Section 174 changes allow optional immediate deduction of domestic research costs (in lieu of amortization), retroactive for small businesses to 2022 - Interest Deduction (Section 163(j))
Business interest limits now based on EBITDA rather than EBIT, expanding deductible capacity. - QSBS Changes (Section 1202)
Small business stock exclusion cap increases to $15M, asset limit rises to $75M, and gains exclusions now tiered by holding period (3–5 years). - Corporate Charities
A new 1% floor plus existing 10% ceiling limits corporate charitable deductions, with carry-forward rules for excesss. - Sunset of Energy Tax Incentives
Clean energy incentives—including Section 25D residential credits—expire post-2025.
The One Big Beautiful Bill Act (OBBBA) — Key Tax Provisions for Individuals & Small Businesses (2025+)
1. General Overview
The OBBBA, signed into law on July 4, 2025, enshrines permanent enhancements from the 2017 Tax Cuts and Jobs Act—while introducing new, targeted provisions for individuals, seniors, and businesses
Individual Tax Updates
- Tax Rates TCJA-era individual tax brackets (10%–37%) are now permanent, adjusted annually for inflation.
- Standard Deduction Permanently raised to $15,750 (single) and $31,500 (married filing jointly), with inflation adjustments beginning 2026.
- Personal ExemptionPermanently eliminated, but a temporary $6,000 deduction for taxpayers aged 65+ applies through 2028, with income-based phaseouts
- SALT Deduction CapTemporarily raised to $40,000 (or $20,000 for married separate filers) through 2029, with phaseouts for MAGI above $500K/$250K. Pass-through entity tax (PTET) workarounds are preserved
- New Deductions (2025–2028)- Tip income: Up to $25K deduction (phaseouts apply)IRSWikipedia
- Overtime pay: Up to $12.5K ($25K joint) deductionWikipediaHCVT
- Auto loan interest: Up to $10K deduction for U.S.-assembled vehicles; phased out for higher-income taxpayers - Itemized Deductions LimitFor top-bracket taxpayers, itemized deduction benefits are capped at 35% of value starting 2026.
- Charitable GiftsFrom 2026, non-itemizers may deduct up to $1,000 (single) or $2,000 (joint); itemizers face new thresholds.
- AMT AdjustmentsPermanent retention of higher exemption and expanded phaseout thresholds
- Estate & Gift TaxStarting 2026, exemption increases to $15M per individual / $30M per couple, indexed thereafter.
3. Small Business & Business-Related Provisions
- Qualified Business Income (QBI) Deduction
The 20% Section 199A deduction is now permanent, with expanded phaseouts and a $400 minimum deduction for eligible low-income taxpayers. - Bonus Depreciation
Full (100%) bonus depreciation is extended permanently for assets acquired after January 19, 2025, including certain U.S. production property. - Section 179 Expensing
Limits are raised to $2.5M, with a $4M phaseout threshold—both now inflation-adjusted. - Domestic R&D Expensing
Section 174 changes allow optional immediate deduction of domestic research costs (in lieu of amortization), retroactive for small businesses to 2022 - Interest Deduction (Section 163(j))
Business interest limits now based on EBITDA rather than EBIT, expanding deductible capacity. - QSBS Changes (Section 1202)
Small business stock exclusion cap increases to $15M, asset limit rises to $75M, and gains exclusions now tiered by holding period (3–5 years). - Corporate Charities
A new 1% floor plus existing 10% ceiling limits corporate charitable deductions, with carry-forward rules for excesss. - Sunset of Energy Tax Incentives
Clean energy incentives—including Section 25D residential credits—expire post-2025.
The One Big Beautiful Bill Act (OBBBA) — Key Tax Provisions for Individuals & Small Businesses (2025+)
1. General Overview
The OBBBA, signed into law on July 4, 2025, enshrines permanent enhancements from the 2017 Tax Cuts and Jobs Act—while introducing new, targeted provisions for individuals, seniors, and businesses
Individual Tax Updates
- Tax Rates TCJA-era individual tax brackets (10%–37%) are now permanent, adjusted annually for inflation.
- Standard Deduction Permanently raised to $15,750 (single) and $31,500 (married filing jointly), with inflation adjustments beginning 2026.
- Personal ExemptionPermanently eliminated, but a temporary $6,000 deduction for taxpayers aged 65+ applies through 2028, with income-based phaseouts
- SALT Deduction CapTemporarily raised to $40,000 (or $20,000 for married separate filers) through 2029, with phaseouts for MAGI above $500K/$250K. Pass-through entity tax (PTET) workarounds are preserved
- New Deductions (2025–2028)- Tip income: Up to $25K deduction (phaseouts apply)IRSWikipedia
- Overtime pay: Up to $12.5K ($25K joint) deductionWikipediaHCVT
- Auto loan interest: Up to $10K deduction for U.S.-assembled vehicles; phased out for higher-income taxpayers - Itemized Deductions LimitFor top-bracket taxpayers, itemized deduction benefits are capped at 35% of value starting 2026.
- Charitable GiftsFrom 2026, non-itemizers may deduct up to $1,000 (single) or $2,000 (joint); itemizers face new thresholds.
- AMT AdjustmentsPermanent retention of higher exemption and expanded phaseout thresholds
- Estate & Gift TaxStarting 2026, exemption increases to $15M per individual / $30M per couple, indexed thereafter.
3. Small Business & Business-Related Provisions
- Qualified Business Income (QBI) Deduction
The 20% Section 199A deduction is now permanent, with expanded phaseouts and a $400 minimum deduction for eligible low-income taxpayers. - Bonus Depreciation
Full (100%) bonus depreciation is extended permanently for assets acquired after January 19, 2025, including certain U.S. production property. - Section 179 Expensing
Limits are raised to $2.5M, with a $4M phaseout threshold—both now inflation-adjusted. - Domestic R&D Expensing
Section 174 changes allow optional immediate deduction of domestic research costs (in lieu of amortization), retroactive for small businesses to 2022 - Interest Deduction (Section 163(j))
Business interest limits now based on EBITDA rather than EBIT, expanding deductible capacity. - QSBS Changes (Section 1202)
Small business stock exclusion cap increases to $15M, asset limit rises to $75M, and gains exclusions now tiered by holding period (3–5 years). - Corporate Charities
A new 1% floor plus existing 10% ceiling limits corporate charitable deductions, with carry-forward rules for excesss. - Sunset of Energy Tax Incentives
Clean energy incentives—including Section 25D residential credits—expire post-2025.
The One Big Beautiful Bill Act (OBBBA) — Key Tax Provisions for Individuals & Small Businesses (2025+)
1. General Overview
The OBBBA, signed into law on July 4, 2025, enshrines permanent enhancements from the 2017 Tax Cuts and Jobs Act—while introducing new, targeted provisions for individuals, seniors, and businesses
Individual Tax Updates
- Tax Rates TCJA-era individual tax brackets (10%–37%) are now permanent, adjusted annually for inflation.
- Standard Deduction Permanently raised to $15,750 (single) and $31,500 (married filing jointly), with inflation adjustments beginning 2026.
- Personal ExemptionPermanently eliminated, but a temporary $6,000 deduction for taxpayers aged 65+ applies through 2028, with income-based phaseouts
- SALT Deduction CapTemporarily raised to $40,000 (or $20,000 for married separate filers) through 2029, with phaseouts for MAGI above $500K/$250K. Pass-through entity tax (PTET) workarounds are preserved
- New Deductions (2025–2028)- Tip income: Up to $25K deduction (phaseouts apply)IRSWikipedia
- Overtime pay: Up to $12.5K ($25K joint) deductionWikipediaHCVT
- Auto loan interest: Up to $10K deduction for U.S.-assembled vehicles; phased out for higher-income taxpayers - Itemized Deductions LimitFor top-bracket taxpayers, itemized deduction benefits are capped at 35% of value starting 2026.
- Charitable GiftsFrom 2026, non-itemizers may deduct up to $1,000 (single) or $2,000 (joint); itemizers face new thresholds.
- AMT AdjustmentsPermanent retention of higher exemption and expanded phaseout thresholds
- Estate & Gift TaxStarting 2026, exemption increases to $15M per individual / $30M per couple, indexed thereafter.
3. Small Business & Business-Related Provisions
- Qualified Business Income (QBI) Deduction
The 20% Section 199A deduction is now permanent, with expanded phaseouts and a $400 minimum deduction for eligible low-income taxpayers. - Bonus Depreciation
Full (100%) bonus depreciation is extended permanently for assets acquired after January 19, 2025, including certain U.S. production property. - Section 179 Expensing
Limits are raised to $2.5M, with a $4M phaseout threshold—both now inflation-adjusted. - Domestic R&D Expensing
Section 174 changes allow optional immediate deduction of domestic research costs (in lieu of amortization), retroactive for small businesses to 2022 - Interest Deduction (Section 163(j))
Business interest limits now based on EBITDA rather than EBIT, expanding deductible capacity. - QSBS Changes (Section 1202)
Small business stock exclusion cap increases to $15M, asset limit rises to $75M, and gains exclusions now tiered by holding period (3–5 years). - Corporate Charities
A new 1% floor plus existing 10% ceiling limits corporate charitable deductions, with carry-forward rules for excesss. - Sunset of Energy Tax Incentives
Clean energy incentives—including Section 25D residential credits—expire post-2025.
The One Big Beautiful Bill Act (OBBBA) — Key Tax Provisions for Individuals & Small Businesses (2025+)
1. General Overview
The OBBBA, signed into law on July 4, 2025, enshrines permanent enhancements from the 2017 Tax Cuts and Jobs Act—while introducing new, targeted provisions for individuals, seniors, and businesses
Individual Tax Updates
- Tax Rates TCJA-era individual tax brackets (10%–37%) are now permanent, adjusted annually for inflation.
- Standard Deduction Permanently raised to $15,750 (single) and $31,500 (married filing jointly), with inflation adjustments beginning 2026.
- Personal ExemptionPermanently eliminated, but a temporary $6,000 deduction for taxpayers aged 65+ applies through 2028, with income-based phaseouts
- SALT Deduction CapTemporarily raised to $40,000 (or $20,000 for married separate filers) through 2029, with phaseouts for MAGI above $500K/$250K. Pass-through entity tax (PTET) workarounds are preserved
- New Deductions (2025–2028)- Tip income: Up to $25K deduction (phaseouts apply)IRSWikipedia
- Overtime pay: Up to $12.5K ($25K joint) deductionWikipediaHCVT
- Auto loan interest: Up to $10K deduction for U.S.-assembled vehicles; phased out for higher-income taxpayers - Itemized Deductions LimitFor top-bracket taxpayers, itemized deduction benefits are capped at 35% of value starting 2026.
- Charitable GiftsFrom 2026, non-itemizers may deduct up to $1,000 (single) or $2,000 (joint); itemizers face new thresholds.
- AMT AdjustmentsPermanent retention of higher exemption and expanded phaseout thresholds
- Estate & Gift TaxStarting 2026, exemption increases to $15M per individual / $30M per couple, indexed thereafter.
3. Small Business & Business-Related Provisions
- Qualified Business Income (QBI) Deduction
The 20% Section 199A deduction is now permanent, with expanded phaseouts and a $400 minimum deduction for eligible low-income taxpayers. - Bonus Depreciation
Full (100%) bonus depreciation is extended permanently for assets acquired after January 19, 2025, including certain U.S. production property. - Section 179 Expensing
Limits are raised to $2.5M, with a $4M phaseout threshold—both now inflation-adjusted. - Domestic R&D Expensing
Section 174 changes allow optional immediate deduction of domestic research costs (in lieu of amortization), retroactive for small businesses to 2022 - Interest Deduction (Section 163(j))
Business interest limits now based on EBITDA rather than EBIT, expanding deductible capacity. - QSBS Changes (Section 1202)
Small business stock exclusion cap increases to $15M, asset limit rises to $75M, and gains exclusions now tiered by holding period (3–5 years). - Corporate Charities
A new 1% floor plus existing 10% ceiling limits corporate charitable deductions, with carry-forward rules for excesss. - Sunset of Energy Tax Incentives
Clean energy incentives—including Section 25D residential credits—expire post-2025.
Address: 1901 Central Drive, Suite 309
Bedford, TX 76021
