The One Big Beautiful Bill Act (OBBBA), signed into law in 2025, brings meaningful changes for small and midsize businesses. For owners of S-corporations, partnerships, LLCs, and sole proprietorships, the new law creates greater long-term certainty and several opportunities to lower taxable income.

If you freelance or work gig jobs, you're probably used to gathering a handful of 1099 forms each spring. That part of tax season isn't going away, but starting in 2026, how those forms get issued will change. The new Federal Tax Bill (OBBBA) updates the reporting rules for businesses that pay freelancers and independent contractors, raising the threshold for when they must issue a Form 1099-NEC or 1099-MISC. Here's what those changes mean, as well as what hasn't changed at all when it comes to reporting your income.

The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, introduced several new tax provisions that affect both individuals and businesses. Among the most significant for retirees is a brand-new deduction aimed at seniors. Starting with the 2025 tax year, taxpayers age 65 and older may qualify for an additional deduction of up to $6,000 for single filers or $12,000 for married couples filing jointly if both spouses meet the age requirement.

Starting a new business takes courage, energy, and a willingness to take risks. Alongside the excitement, though, comes a reality that can't be ignored: taxes. How you set up your business, track expenses, and plan for profits makes a big difference in how smoothly you grow. A little planning today can prevent costly mistakes tomorrow.