Congress recently passed a new law called the One Big Beautiful Bill Act (OBBBA). The name may sound amusing, but the bill itself is packed with changes that could affect both families and businesses. Many of our members have asked, “What does this mean for me?” Here is a quick overview of how the OBBBA can impact you.

What It Means for Individuals and Families

• Lower Tax Rates, Locked In: The reduced tax brackets from a few years ago are now permanent, with inflation adjustments built in.
• Bigger Standard Deduction: You’ll get to keep more of your income before taxes, with a larger standard deduction for both individuals and couples.
• Extra Help for Seniors: Adults 65 and older can claim an additional deduction, giving retirees some extra breathing room.
• Higher SALT Deduction Cap: For the next five years, you can deduct more of your state and local taxes—helpful for many households in Utah and Idaho.
• Boost for Small Business Investors: If you invest in a qualifying small business and hold onto your investment for at least five years, you may avoid capital gains taxes altogether.

What It Means for Estates and Gifts

• Larger Exemptions Made Permanent: Families now have higher limits on how much wealth can be passed down without paying estate or gift taxes.

What It Means for Businesses

• Faster Write-Offs for Equipment: If your business buys new equipment or property, you can now write off the full cost right away instead of spreading it out over time.
• Higher Limits on Expensing: The amount you can deduct for equipment purchases has more than doubled, which could help small businesses save more at tax time.
• Support for Manufacturers: Companies that build, produce, or refine products may qualify for large deductions if they start projects in the next few years.
• Research Costs: Businesses doing research in the U.S. can once again deduct those costs immediately, which gives added flexibility.
• Other Perks: There are also changes around business losses, interest expenses, and even tax credits for employer-provided childcare.

The Bottom Line

While the OBBBA is full of details, the goal is clear: encourage businesses to invest, give families more tax relief, and provide added support for seniors.

At Goldenwest, we know these changes can feel overwhelming. That’s why our team is here to help you sort through the opportunities. Whether you’re growing your company, upgrading equipment, or planning your family’s financial future, we’ll work with you to make the most of these new rules.

For questions about how the OBBBA impacts you and your family, please contact your personal tax advisor or reach out to a Financial Professional at Goldenwest. If you own a business and would like to learn more about the OBBBA, our Business Services Experts and Commercial Loan Officers are available to assist you. Or, you are always welcome to reach out to me at president@gwcu.org. We’ll take care of you!