Plain-language notes on U.S. tax deadlines, IRS letters, cross-border reporting and running a small business, written by the CPAs who handle these questions every day.
OBBBA expanded §45B to barbering, nail care, esthetics, and body/spa treatments. W-2 employers claim on Form 8846; booth renters generally do not qualify. Beauty uses a different minimum-wage floor than restaurants.
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OBBBA raised the §179 limit to $2.5 million, with phaseout beginning at $4 million of placements. North Carolina does not match federal limits—expect add-backs. Plan federal and NC books before buying equipment.
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OBBBA expanded §529: from 2026 the K–12 cap is $20,000 per beneficiary across all QTPs (was $10,000), and qualified K–12 costs include curriculum, tutoring, tests, dual enrollment, and certain disability therapies. State tax treatment may differ.
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OBBBA ended §25C for property placed in service after Dec. 31, 2025, and §25D for expenditures made after that date. Paying early does not save a 2026 install. Check Form 5695, invoices, and completion dates.
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OBBBA ended §§30D/25E/45W for vehicles acquired after Sept. 30, 2025. Binding written contract plus payment on/before that date may still allow a credit when placed in service later. Check contracts, dealer reports, and Form 8936.
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OBBBA reshapes §170 from 2026: nonitemizers may deduct up to $1,000/$2,000 MFJ of qualifying cash; itemizers face a 0.5% AGI floor; 60% cash ceiling made permanent. Plan 2025 bunching vs 2026 rules. NC pickup 待核.
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OBBBA added §530A Trump Accounts and a §6434 pilot: U.S.-citizen qualifying children born 2025–2028 with SSNs may receive a one-time $1,000 Treasury seed after Form 4547 / portal election (not before July 4, 2026). Growth-period withdrawals are generally barred. Cary/RTP newborn families should plan elections and records carefully.
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OBBBA §70104: CTC up to $2,200 per qualifying child (2025), with ACTC up to about $1,700 refundable. Child and at least one MFJ spouse need work-authorized SSNs. ITIN-only children may get $500 ODC instead. Federal credit ≠ automatic NC cut.
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OBBBA §70120: federal SALT cap $40,000 for 2025 ($40,400 for 2026), with 30% MAGI phasedown to a $10,000 floor; reverts in 2030. Still requires itemizing. NC mortgage interest + real estate tax remain combined-capped at $20,000 (NCDOR Q16).
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Articles are general information, not tax or legal advice for your specific situation.
