How the "One Big, Beautiful Bill" Can Benefit Your SoCal Business Today

Stephanie Peterson
5 days ago
3 min read

By Stephanie Peterson, Advanced QuickBooks ProAdvisor | Superior Virtual Bookkeeping LLC

Yesterday, Congress passed the One Big, Beautiful Bill (OBBBA); a sweeping $4–4.5 trillion tax and spending package that will soon reach President Trump’s desk. If you're a business owner in Murrieta, Temecula, Wildomar, Menifee, or anywhere in Southern California, here's why this matters; and how you can make the most of it.

📈 1. Permanent Tax Rate Extensions

The bill locks in the 2017 individual and corporate tax rates permanently, meaning predictable tax planning through future years.

✅ Benefit: Businesses can confidently forecast expenses, scaling without worrying about rising taxes.

🏠 2. SALT Deduction Cap Raised to $40,000 Through 2029

One of the most impactful changes for California residents: the SALT (State and Local Tax) deduction cap has been raised from $10,000 to $40,000 through 2029.

That means if you pay high California income or property taxes, you’ll be able to deduct up to $40,000 of those taxes on your federal return — nearly quadrupling previous limits.

✅ Benefit: This change is especially valuable to business owners and professionals in high-tax areas like Murrieta, Temecula, and the surrounding Inland Empire, providing major federal tax relief.

🏭 3. Expanded QBI Deduction for Pass-Throughs

The 20% Qualified Business Income (QBI) deduction for pass-through entities (LLCs, S corps, partnerships) is now permanent — with broader eligibility and an inflation-adjusted minimum deduction.

✅ Benefit: Local service providers — contractors, freelancers, consultants — can significantly reduce taxable income.

👶 4. Larger Child and Senior Tax Breaks

The Child Tax Credit is raised to $2,200, and seniors receive a $6,000 deduction if their adjusted gross income is under $75,000.

✅ Benefit: More cash in the pocket for business-owning families in your community.

💵 5. New Deductions: Tips, Overtime & Auto Loan Interest

The bill introduces fresh deductions — including no tax on tips or overtime pay, and deductions for auto loan interest on U.S.-made vehicles — phased out at higher incomes.

✅ Benefit: Employees in Southern California enjoy more take-home pay, and business owners may benefit from vehicle-related deductions.

🏬 6. Equipment Expensing & R&D Credits

Businesses can now fully expense equipment and R&D, boosting cash flow and incentivizing investment.

✅ Benefit: Local contractors, manufacturers, and tech startups can accelerate growth with smarter capital investments.

⚠️ What to Watch

The bill cuts Medicaid, SNAP, clean energy credits, and adds $3–4 trillion to the deficit — meaning potential future policy shifts.
High earners reap most benefits; community awareness about long-term economic impact is key.

👩‍💼 What You Should Do Now

Review Your Entity Structure – Is your business maximizing the QBI deduction?
Check Your SALT Deduction Eligibility – You may now deduct up to $40,000 through 2029.
Update Payroll Procedures – Ensure tip and overtime payments are classified correctly.
Plan Capital Upgrades – For any equipment or software purchases, act now to benefit from full expensing.
Talk to Your Bookkeeper & CPA – Align your strategy with tax changes, cash flow management, and eligibility.

📍 Local Help in Southern California

As a Murrieta-based Advanced QuickBooks ProAdvisor, I offer real-time bookkeeping, tax-focused consulting, and year-round financial clarity for business owners in:

Murrieta
Temecula
Menifee
Wildomar
Surrounding areas

Let’s make the One Big, Beautiful Bill work for you, not ram you with unexpected obligations.

📞 Ready to put these tax benefits to work?Contact Stephanie Peterson at Superior Virtual Bookkeeping LLC, serving Southern California’s business community. Book your free consultation today! (951) 440-3498