One Big Beautiful Bill tax changes are already affecting how entrepreneurs plan, invest, and file taxes. In this episode, Tom Wheelwright sits down with Garrett Watson, Director of Policy Analysis at the Tax Foundation, to break down what business owners need to know now.
Many small and mid-size business owners hear about tax legislation but don’t know what applies to them. Garrett explains the key provisions that directly impact businesses, including potential retroactive R&D expensing, new deductions, and planning strategies that can lower taxable income.
You will learn:
- Which tax benefits entrepreneurs can use immediately
- How retroactive R&D deductions may work
- What this bill means for investments and cash flow
- How to work effectively with your tax professional
- Why waiting until tax season can cost you money
Tom connects these changes to financial education and proactive tax strategy. Entrepreneurs who understand tax law early can keep more capital inside their businesses and reinvest for growth, while those who ignore the updates risk overpaying.
This topic matters now because many provisions apply to the current filing cycle. Business owners who act before deadlines have options, but those who wait may lose valuable deductions.
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00:00 – Intro.
01:50 – Top 3 Provisions for Business Owners.
04:47 – 2025 vs. 2017 Bill.
09:23 – Depreciation for Manufacturing.
15:57 – Blue Book Predictions.
18:53 – Research & Development Expensing.
21:33 – Interest Expensing.
21:33 – Can we deduct dividends?
26:05 – Renewable Energy Subsidies.
30:06 – Business Provisions.
35:15 – Closing Statements.
Looking for more on Garrett Watson?
Website: https://taxfoundation.org/
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DISCLAIMER: WealthAbility® does not provide tax, legal or accounting advice. The materials provided have been prepared for informational purposes only, and are not intended to provide tax, legal or accounting advice. The materials may or may not reflect the most current legislative or regulatory requirements or the requirements of specific industries or of states. These materials are not tax advice and are not intended or written to be used, and cannot be used, for purposes of avoiding tax penalties that may be imposed on any taxpayer. Readers should consult their own tax, legal and accounting advisors before applying the laws to their particular situations or engaging in any transaction.
