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Business Owners: Take Action Now Under the New Tax Law

Update Seizing Opportunities Under the New Tax Law The recent enactment of the One Big Beautiful Bill Act brings substantial changes to the tax landscape that every business owner should understand. While some provisions are effective as of 2025, understanding their implications now can enable strategic financial planning. Key incentives for purchasing equipment and hiring qualified employees could influence your bottom line significantly. Tax Credits for Electric Vehicles: A Limited Window If you’re considering the purchase of a plug-in electric vehicle (EV), it's crucial to act soon. The expiration of three federal tax credits for electric vehicles underscores the urgency: New clean vehicle credit can provide up to $7,500 Previously-owned clean vehicle credit offers up to $4,000 Commercial vehicle credits can be as high as $7,500 for vehicles under 14,000 pounds and an impressive $40,000 for those above However, these generous incentives will disappear on September 30, 2025, making it vital to check your eligibility via the IRS FAQs on these credits. Additionally, installing a home charging station can also qualify you for tax credits—30% of the installation cost up to $1,000 for individual homeowners, or up to $100,000 for commercial installations, provided you meet other conditions. The Work Opportunity Credit: Don’t Miss Out Another vital opportunity lies within the Work Opportunity Credit, designed to encourage businesses to hire individuals from specific targeted groups, including ex-felons and veterans. While this federal credit has been renewed multiple times, it is set to expire on December 31, 2025. The credit is substantial—up to $6,000 for first-year wages (40% of eligible wages), but could soar up to $9,600 for certain veterans. To capitalize on this, submit IRS Form 8850 within 28 days of hiring. Timing is critical, and while recent discussions suggest potential extensions, businesses shouldn’t rely solely on speculation. Building for the Future: Energy-Efficient Homes For contractors in home building, energy-efficient projects can also yield significant tax benefits. A federal credit allows up to $2,500 for single-family homes and commitments to energy efficiency standards can lead to higher credits. However, with a deadline for purchases set for June 30, 2026, contractors should waste no time in planning and executing qualifying projects. Upgrading Commercial Spaces: A Tax-Friendly Move Business owners should also explore energy-efficient upgrades to commercial buildings. Depending on the project, businesses may deduct up to $1.16 per square foot if specific energy performance benchmarks are met. These measures not only serve to improve sustainability but can also enhance your company’s public image while contributing to long-term savings. Final Thoughts: Act Now or Risk Missing Out The tax changes created under the One Big Beautiful Bill Act present unique opportunities for savvy business owners ready to take action. Whether investing in electric vehicles, hiring from targeted groups, or making energy-efficient improvements, understanding these elements and acting swiftly can unlock financial benefits. Keep an eye on timelines and consult with financial advisors to tailor strategies specific to your business needs.