Major Tax Reforms Are Here: What They Mean for Your Family, Business, and Legacy

Congress has officially passed sweeping tax legislation that could dramatically shift your financial landscape — whether you're a business owner, real estate investor, or just trying to keep more of what you’ve earned.

From restoring 100% bonus depreciation for business purchases to increasing the child tax credit and SALT deduction limits, these changes bring rare opportunities — but most are time-sensitive and income-dependent.

Here’s what you need to know now.

Business Owners: Full Bonus Depreciation Is Back

One of the biggest wins for businesses is the return of 100% bonus depreciation. That means you can now deduct the entire cost of qualifying equipment, vehicles, or other assets in the year you buy them — no more spreading it over several years.

Example: Buy $100,000 of qualifying equipment today? Deduct all $100,000 this year.

This is especially powerful for:

• Business owners planning capital upgrades

• Real estate investors using cost segregation to isolate fast-depreciating components like HVAC or lighting

• Entrepreneurs investing in vehicles or tech

The bill also reinstates full deductibility for domestic R&D expenses in the year they occur — further incentivizing American innovation.

Real Estate Investors: A Strategic Tax Planning Window

If you own rental property, these new rules give you a massive tax lever.

When paired with cost segregation, 100% bonus depreciation means you can write off portions of your property (like appliances or flooring) much faster — giving you big deductions now, rather than over decades.

But these benefits sunset in 2028, so the clock is ticking.

Families: Expanded Credits and Deductions

There are major wins for individuals and families too:

• Child Tax Credit increases from $2,000 to $2,500 per child

• SALT Deduction Cap raised from $10,000 to $40,000, helping high-tax state residents

• Tip Income is now tax-free for food service and beauty workers

• Overtime Pay — the “extra half” of time-and-a-half is now tax-free (up to $200k salary)

• Auto Loan Interest — up to $10,000 is now deductible for low- and middle-income taxpayers

These changes won’t just reduce your tax bill — they could reshape your monthly budget and long-term savings.

Estate Planning Implications: What You Must Do Now

This bill doesn’t just affect your taxes — it affects your estate and legacy.

Many of the families we work with at Freedom Law Services can use these new rules to reposition assets, gift smarter, and reduce tax burdens for the next generation.

With bonus depreciation and R&D deductions restored, you may have new reasons to revisit:

¾    Your business succession plan

¾    Your asset protection strategy

¾    Your gifting or charitable giving plan

¾    How your trust or estate distributes assets

And because some of these incentives phase out in 2028, timing is everything.

Act Now — Before the Window Closes

Many of these benefits come with:

¾    Income limits

¾    Phaseouts

¾    Expiration Dates

The best time to act? Right now — before the opportunities are gone or your income disqualifies you.

Let’s Build Your Strategy

At Freedom Law Services, we don’t just draft documents — we help you make strategic, empowered decisions about your money, your legacy, and your future.

Schedule a 15-minute discovery call on of our attorneys in our Crestview Hills, KY office. We’ll help you:

¾    Get more financially organized than every before

¾    Navigate the new law with clarity

¾    Build a plan that protects what matters most

Call (859) 344-6742 or visit www.FreedomLawServices.com to book your discovery call today.

This article is a service of Freedom Law Services. We don’t just draft documents; we ensure you make informed, empowered decisions about life and death for yourself and the people you love. That’s why we offer a Family Wealth Planning Session™. During the session, you will get more financially organized than ever before and make all the best choices for the people you love. You can begin by calling our office today to schedule a Family Wealth Planning Session and mention this article to find out how to get this valuable session at no charge.

This material was created for educational and informational purposes only and is not intended as ERISA, tax, legal, or investment advice. If you seek legal advice specific to your needs, such advice services must be obtained independently, separate from this educational material.