ByKelly Phillips Erb,
Forbes Staff.
Now that the confetti has settled and routines are starting to creep back in (yes, my inbox is also overflowing), it’s time to think about tax filing season. In case you missed it, the IRS has officially set the start date: January 26. The filing deadline remains April 15.
While some things (like the filing deadline) remain the same, there’s also a lot of change this year. The IRS has been busy rolling out new forms and guidance. As always, expect a few delays, tweaks, and updates as that continues.
Most recently, business owners got guidance on something they’d been asking for: the return of 100% bonus depreciation. The deduction, originally part of the 2017 Tax Cuts and Jobs Act, was scheduled to phase out starting in 2023. Now, it’s permanently reinstated by the One Big Beautiful Bill Act (OBBBA). The guidance explains how the deduction applies to eligible depreciable property and addresses a new category added by the law (certain qualified sound recording productions).
