The start of a new tax year means updates that affect how you manage your business, and 2026 is no exception. The One Big Beautiful Bill Act (OBBBA), signed into law in July 2025, includes several provisions that directly affect small business owners. These changes influence deductions, reporting rules, and long-term financial planning. With a clear understanding of what is ahead, you can move into 2026 with more predictable expectations and fewer surprises at tax time.

As a small business owner, you regularly invest in property and equipment to keep your operations running smoothly. From a new computer to a company vehicle, these assets are essential. Depreciation is a fundamental tax deduction that allows your business to recover the cost of these assets as they age. Understanding how to apply this deduction correctly is key to managing your business's finances.

As your business grows, it's essential to ensure that your business structure continues to align with your goals. Whether you're adding new products, changing ownership, or simply evolving, the structure of your business can have significant tax and operational implications. Let's explore some of the most common business structures—Hobby, Sole Proprietorship, LLC, S-Corporation, and C-Corporation—and what they mean for your company.