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Maximizing Tax Benefits: Bennett Thrasher's Key Tips for 2026

As the tax landscape shifts in 2026, businesses must adapt to new regulations introduced by the One Big Beautiful Bill Act (OBBBA). This comprehensive guide from Bennett Thrasher, a leading accounting and advisory firm, sheds light on crucial tax strategies that firms should employ to streamline their compliance processes and optimize financial outcomes.

Understanding the Impact of OBBBA on Tax Filings

The OBBBA has introduced significant changes that affect how businesses report their taxable income for the 2026 tax filings. A thorough analysis of your business’s financials from 2025 is essential to ensure that potential savings are not overlooked and compliance is maintained. Here are the ten tax priorities Bennett Thrasher recommends for companies in this new environment:

1. Reevaluate Bonus Depreciation and Capital Investments

Businesses are encouraged to reconsider their capital expenditure strategies in light of the OBBBA’s reinstatement of 100% bonus depreciation for most tangible assets purchased after January 19, 2025. Companies should assess the potential benefits of making timely purchases, employing cost segregation studies for mixed-use properties, and evaluating the possibility of opting out of bonus depreciation on certain asset classes. There are transitional elections that may allow for 40% bonus depreciation within the first year post-enactment.

2. Clarify Treatment of R&D Costs

It’s essential for businesses to identify all qualifying Research and Development (R&D) expenses from 2025. With changes to the Internal Revenue Code (IRC) Section 174, knowing how to handle these costs—specifically whether they should be amortized or expensed immediately—is critical for optimal tax treatment. Firms should also reflect upon how earlier R&D costs from tax years 2022 to 2024 were classified.

3. Prepare for Changes in Employee Compensation Deductions

The introduction of new federal income tax deductions for employee tips and overtime pay, effective from 2025 to 2028, requires careful preparation. Employers should ensure their payroll systems can accurately track these qualified compensations and adhere to updated reporting standards for 2026.

4. Recalculate Business Interest Deductions

Businesses carrying significant debt, including real estate operators, should reassess their deductible interest expenses under IRC Section 163(j). This includes determining the treatment of various debts and evaluating possible future restructurings to improve the deductibility of interest expenses.

5. Assess Pass-Through Income and QBI

Firms operating as S-corporations, partnerships, or LLCs need to recalculate owner compensation, distributions, and taxable income, ensuring they meet Qualified Business Income (QBI) eligibility. Confirm that shareholder or partner bases support losses claimed in 2025, and explore possible structural changes to optimize outcomes.

6. Capture Energy-Efficiency Credits

Identifying 2025 projects that qualify for energy-efficiency and clean-energy credits is vital. Completing necessary studies and obtaining required certifications prior to filing taxes can maximize available credits under Sections 179D and 45L.

7. Consider the SALT Deduction Cap Increase

The OBBBA increased the cap on individual state and local tax deductions to $40,000 from the previous limit of $10,000. Businesses should strategize their approach to SALT deductions to take advantage of this change and evaluate the benefits of opting for a pass-through entity tax (PTET).

8. Reevaluate International Tax Provisions

For businesses with foreign subsidiaries, reviewing international tax provisions affected by changes in the OBBBA is essential. Understanding the implications of adjustments to rules surrounding foreign tax credits and tested income will be critical for 2026 tax reporting.

9. Benefits of Paid Family and Medical Leave Credits

Organizations should ensure that their paid leave policies align with PFML credit requirements post-OBBBA. Accuracy in calculating eligible leave wages and documentation is paramount to maximize compliance with these tax benefits.

10. Leverage Employer-Provided Childcare Credits

Finally, considering or expanding childcare benefits can provide substantial tax savings under the newly increased childcare credits for 2026. Businesses should explore partnerships and ensure all financial records and expense documentation are kept diligently.

Conclusion

In a rapidly changing tax environment, adopting a proactive and informed approach is more important than ever. Zack Leder, a tax partner at Bennett Thrasher states, “This year more than ever, businesses can't afford to adopt a 'same as last year' mentality when it comes to tax filing.” Whether in construction, real estate, or the service industry, businesses should seek integrated support to navigate these complexities successfully.

Bennett Thrasher has a robust reputation built over 45 years in providing comprehensive solutions in tax, audit, advisory, and outsourcing services. To better understand these new regulations and connect with a tax expert, visit btccpa.net.