The 2017 Tax Cuts and Jobs Act is made permanent, with new benefits for families and businessesThe bill advances to the Senate, but final passage is not expected until July at the earliestNow is the time to review your tax strategy and ensure your business and long-term financial plans are on the best courseThere was relief on Capitol Hill last Wednesday when the US House of Representatives narrowly passed President Trump’s “One Big, Beautiful Bill” (OBBB).

This week’s insight celebrates Tax Day and all the joys that come with it.My CPA friends will take much-deserved vacations in the weeks ahead—once April 15, 2025, is history. You, too, are probably glad to have all your documents sorted, data entered, and returns filed to the IRS. Small business owners often face headaches completing so many requirements. For those who plan and work with a financial team to strategize, there’s actually a bit of satisfaction and maybe some smugness knowing that you legally and ethically kept more of what’s yours.

This week’s insight keeps on the tax-code theme (as the April 15 filing deadline looms!).One of the best effects of the COVID-19 pandemic, precisely five years ago now, was an entrepreneurial spirit that swept America. The government tracks this via a metric called “high propensity business applications,” which is a code term for new business formation. After steadily rising at about the pace of overall economic activity during the 2010s, new-company filings soared starting in mid-2020.

This week’s insight is an update to a small but important piece of the tax code that’s currently withering away: Bonus Depreciation.Bonus Depreciation allows firms to immediately deduct a large percentage of the purchase of eligible assets rather than writing them off over time, thereby potentially reducing a business owner’s tax bill. Last week, President Trump hinted that 100% Bonus Depreciation might be in the works as part of one “big, beautiful” tax bill that’s supposedly being crafted in Congress.