Every year, the smartest entrepreneurs and other high earners visit their fractional CFO or other trusted advisor to plan a strategy to minimize their taxes.

Consider it a campaign, a battle to keep as much of what you’ve earned as the tax code allows.

This year, tax planning comes even more sharply into focus, pursuant to the sweeping tax changes enacted as part of the One Big Beautiful Bill Act of 2025 (OBBBA), signed into law by President Donald Trump on July 4 of this year.

For both your individual and business taxes, the OBBBA (like most tax changes) presents both challenges and opportunities. Rigby Financial Group is poised and positioned to help you navigate these to your greatest benefit.

A few selected aspects among those we will explore include:

For Individuals

Of course, you know about the new tax brackets, that is a given.

But there’s more to consider.

• If you’ve made any changes to your estate plan in light of the permanent estate tax exemption, those changes need to be weighed and accounted for, in case of tax implications.
• It also bears remembering that any new administration, given a willing Congress, can undo legislative changes made previously, so “permanent” only guarantees a few years of any benefit or detriment.
• The state and local tax (SALT) cap has been lifted from $10,000 to $40,000 (indexed for inflation though 2030 but reverting to $10,000 thereafter). While there are phasedowns for those with modified adjusted gross income (MAGI) of $500,000 and above for married joint filers ($250,000 for single individuals and those married but filing separately), let’s make sure we capture every penny of that deduction for which you’re eligible.
• Beginning with tax year 2025, up to $10,000 worth of interest payments on vehicles for personal use can be deducted above the line, providing the vehicle had final assembly in the U.S.A.
• Those who’ve experienced state (but not federal) declared disasters may be eligible for casualty loss deductions not previously recognized at the federal level.
• The childcare credit has been increased by 10%, from $2,000 to $2,200. This is a small matter for most of you, but small deductions (plus, we hope, larger ones) can add up to a lower income tax bracket. Let’s see if that’s true for you.
• You will want, if at all possible, to contribute your allowable maximum to any and all retirement plans. While contributions to Roth accounts, whether IRA or 401(k), are made in post-tax dollars and therefore not subject to tax-deferrals, most other plans, to which pre-tax moneys are contributed, are so subject, and can substantially lower your current-year taxable income if full advantage is taken.

There are other avenues for tax savings, we simply don’t have space to include them all here―but you can be very sure we will factor them into your tax plans and returns!

Business Taxes

As good as the OBBBA is for individuals, business owners have a lot to like here as well.

• Bonus depreciation, under which a business may deduct a percentage of the cost of qualified property acquired after January 10, 2025, or, notably, contracted for after January 20, 2025, rises from 40% to 100%, subject to certain limitations and strictures. The definition of “qualified property” has been expanded to cover property used in manufacturing, which previously was excluded from bonus depreciation.
• Domestic research and experimental (R&E) expenses can also be fully expensed, rather than amortized over 5 years. The depreciation requirements for foreign R&E expenses are unchanged.
• Those with ownership interest(s) in an active trade or business in which they “materially” participate can claim a $400 minimum tax deduction.
• Changes to Section 199A, which instituted a 20% deduction of qualified business income (QBI) for owners of pass-through entities (e.g., partnerships, S-Corporations taxed as partnerships, etc.) now allow owners of Specialized Trade and Services Businesses (SSTBs)―e.g., law firms, healthcare, finance and accounting, and investment banking―the benefit of the QBI deduction. Such business owners were previously precluded from taking the QBI deduction, and the phase out starts at relatively low-income levels, but it’s something.

As with any sweeping overhaul of the tax code, there are some flies in the ointment―some federal tax incentives affecting both individuals and businesses are set to sunset earlier than they would have without the OBBBA.

But let’s be sure you’ve captured any credits you were eligible for on this and prior years’ tax returns. If you’ve been our client, they almost certainly have been (we do make the occasional mistake, we’re human, but mistakes like these by RFG are truly scarce as hens’ teeth). However, we’ve uncovered significant savings and filed amended returns to the great satisfaction of numerous clients whose confidence in prior accountants was perhaps over-sanguine, and who’ve come to rely on us year after year as a result of the savings (and refunds!) we’ve helped them obtain.

Tax credits don’t exist solely at the federal level―let’s be sure we capture any state and/or local tax credits you may be eligible for and able to take advantage of.

It’s also not too early to think about 2026. When we’ve got your 2025 business and individual tax plans as final as they can be at this point in the year, let’s look ahead―there are more changes taking effect during the next tax year, and we want to be sure you’re as fully covered as possible.

At Rigby Financial Group, we regard ourselves as your partner. Your interests are ours, we’re invested in your success, your flourishing, your life-satisfaction.

Give us a call (866.690.4961 toll-free, or 504.586.050) to schedule an appointment or click here to email us directly―Rigby Financial Group’s trusted, expert team are always at your service―that’s what we are here for! We are all about you.

Until next time –

Peace,

Eric