The Big Beautiful Bill: What Business Owners Need to Know 26 Jul 2026 Liz Jones Business No comment In this four-part series we will implications for business owners. Part 1: Overtime & Tips Tax Savings Part 2: Section 179 Expansion Part 3: Bonus Depreciation Made Permanent Part 4: Choosing the Right Depreciation Strategy New Tax Savings on Overtime & Tips (2025–2028) New tax legislation is creating real savings opportunities for employees—and new compliance responsibilities for employers. Under recent changes, certain overtime pay and tip income may now be excluded from federal taxable income from 2025 through 2028. Here’s what you need to know: ✔ Only the overtime premium portion qualifies for exclusion ✔ Qualified tips must be voluntary and properly reported ✔ New W-2 reporting requirements begin in 2026 ✔ Income limits apply for eligibility For businesses, this means payroll systems should be reviewed to make sure these are properly tracked and reported. For employees, this could mean lower taxable income and increased take-home pay. At BUSBooks, we’re helping clients: Review payroll reporting systems Ensure compliance with new W-2 requirements Maximize available tax benefits If you’d like help navigating these changes, we’re here to assist.
implications for business owners.