After Recent Tax Updates, This Is What Business Owners Should Be Thinking About
In his latest piece in Forbes, Dave McGuire examines how the “Big Beautiful Bill” shapes tax planning for both CPAs and business owners. While the headlines focused on individual breaks, the biggest changes impact businesses through bonus depreciation, Section 179 expensing, and R&D expensing.
For CPAs, these updates provide an opportunity to guide clients through contract timing rules, expanded deductions, and retroactive R&D opportunities. For business owners, the changes open a window to revisit past investments, reclaim missed deductions, and optimize future tax strategies.
The bill creates both opportunities and deadlines, making proactive planning essential.
David McGuire is a leading expert on cost segregation, fixed assets and depreciation law and a co-founder of McGuire Sponsel. McGuire continues to grow McGuire Sponsel’s national presence in cost segregation and depreciation.
He is the primary resource for alliance firms in regards to how tax law affects depreciation. His knowledge in determining asset costs and classifications has held up against IRS scrutiny and has built the firm into a trusted industry resource.