The One Big Beautiful Bill Is Now Law: What Changed for Businesses and Individuals

On July 4, 2025, the One Big Beautiful Bill was officially signed into law. The legislation brings major tax, benefit, and compliance changes affecting both businesses and individuals. At EZQ Group, we previously analyzed the bill when it passed the House. Now that it’s finalized, some of the original proposals have changed—and this article reflects the official version that’s now law.

This is your definitive update: what stayed the same, what changed, and what you should do next.

If you’d like to reference our original coverage for context:

• What the One Big Beautiful Bill Could Mean for Your Business
• How the One Big Beautiful Bill Could Affect Your Wallet

What Stayed the Same

For Businesses:

• Corporate tax rate remains at 21 percent
• 100 percent bonus depreciation is permanent
• Section 179 expensing limits increased to $2.5 million
• Clean energy tax credits repealed

For Individuals:

• Tips and overtime pay eligible for relief (with caps)
• Medicaid work requirements start in 2026
• $1,000 ‘Trump Accounts’ remain (opt-in required)

What Changed (Compared to Our Earlier Posts)

Qualified Business Income (QBI) Deduction

• Remains at 20%, not increased to 23%
• Made permanent
• New thresholds: $75K (single), $150K (joint)
• $400 minimum deduction proposal removed

Child Tax Credit

• Final amount: $2,200 per child (not $2,500)

Social Security Deduction for Seniors

• Final deduction: $6,000 (up from $4,000 in proposal)

Tips and Overtime Pay

• Tips: up to $25,000 exempt
• Overtime: up to $12,500 exempt
• Income phaseout starts at $150,000 AGI

SALT Deduction

• Cap raised to $40K (joint), $20K (single)
• Phases down above $500K income

Trump Accounts for Newborns

• Still in law
• $1,000 per child (2024–2028)
• Opt-in required
• Max income: $250,000
• Use for education or first home

Strategic Implications

For Business Owners:

• Review entity structure and income under QBI thresholds
• Plan for full bonus depreciation
• Adjust for repeal of clean energy credits
• Utilize Section 179 wisely

For Individuals:

• Plan around $2,200 child credit
• Seniors: use $6,000 Social Security deduction
• Track tips and overtime carefully
• Prepare for Medicaid work rules
• New parents: opt in for Trump Accounts

Final Thoughts: This Is the Law—Not a Draft

The One Big Beautiful Bill is now federal law. That means businesses and families need to shift from watching to acting. Stakeholders should reevaluate tax planning and structure immediately based on these finalized provisions.

Let EZQ Group Help You Navigate the New Law

We’ve been tracking this legislation from the beginning. Whether you need:

• A tax projection for your business
• A review of your family’s eligibility for new credits
• Help forming an entity that aligns with the final QBI structure
• Or someone to walk you through what this all means

EZQ Group is ready.

Book your consultation now and get personalized, compliant guidance from a team that’s already helping clients move forward with confidence.