317-398-9753
[email protected]
Your Business. Your Family. Our Priority.
A company owners’ potential for personal financial security usually depends on the success of the business. Our commitment and responsibility is to help keep your business running smoothly and to help achieve your personal financial goals. Whether you are a business or an individual, our specialized staff will provide you with assistance in all your tax, reporting, financial and business affairs.
We're proud members of:
Brammer & Yeend is an independently owned and operated member firm of CPA Connect, a companion association to CPAmerica International
Financial information and reporting should not be a diversion for business owners, instead, financial information should be accurate, available, and insightful. We leverage experience and technology to provide business owners with dynamic resources and management tools.
Our personal services are designed to help busy, successful families manage their finances and grow their wealth with confidence and peace of mind. We do this by working together with our business solutions, allowing us to partner with clients and coordinate business and personal planning in order to meet their most important goals.
We strive to provide excellent service and solutions that fit our client’s specific needs and are industry appropriate. Our experienced CPAs have worked with clients in a variety of industries and understand the intricacies of each and apply the best solution possible. Over the years we have serviced clients in industries including agribusiness, retail, construction, manufacturing, food & beverage and many more. Below are some of our industries where we have specialized experience and expertise.
President Trump’s One Big Beautiful Bill (OBBB) implements tax changes designed to simplify filing and keep more earnings in Americans’ pockets. The law adjusts how the IRS treats certain types of income, updates annual gift limits, raises the estate tax exemption, and adds fresh deductions for tip earnings and overtime pay. Here’s what’s changing.
The bill expands what counts as nontaxable income, meaning certain types of income will now be excluded from federal income tax. Traditionally, nontaxable income included things like child support, alimony, workers’ compensation, and Roth IRA contributions.
Now, under the OBBB, certain tips and overtime pay also qualify for deductions that reduce taxable income. That doesn’t mean they’re completely tax-free (Social Security and Medicare taxes still apply), but it does mean a lower federal tax bill overall.
Overtime pay has always been taxed just like regular earnings, but the OBBB changes that by introducing a new deduction: up to $12,500 for single filers and $25,000 for joint filers can be subtracted from taxable income each year.
This deduction applies to tax years 2025 through 2028. It begins to phase out for taxpayers earning more than $150,000 (single) or $300,000 (joint) in modified adjusted gross income (MAGI).
For workers who rely on overtime pay to make ends meet, this deduction could mean a significant amount in savings each year.
The OBBB also introduces a new rule for qualified tips. Eligible employees can now deduct up to $25,000 per year of tip income from their taxable earnings. To qualify, tips must be voluntarily given and received through cash, card, check, or digital payment apps. However, automatic gratuities (like restaurant service charges for large parties) don’t qualify because they’re not considered voluntary. Like the overtime deduction, this deduction is also valid from tax years 2025 through 2028.
The annual federal gift tax exclusion has increased from $18,000 to $19,000 per recipient. That means you can gift up to $19,000 to as many people you want each year without filing a gift tax return or paying any tax on it. It’s a small increase, but for families assisting loved ones with major expenses like college tuition or a first home, it’s a helpful move.
The federal estate tax exemption is the amount of wealth you can pass to heirs without activating the estate tax. At the end of this year, the exemption was set to revert to the pre-2017 Tax Cuts and Jobs Act (TCJA) levels of $5 million per person. However, starting in 2026, the threshold rises from $13.99 million to $15 million per person ($30 million for married couples). This limit is permanent (barring any amendment or repeal in future legislation) and indexed for inflation starting in 2027, ensuring that it continues to rise over time.
This update means fewer wealthy families will face the estate tax, and gives these households more predictability for long-term planning.
The OBBB implements a handful of new, targeted tax breaks. Consult a tax professional to understand how these changes could apply to your situation and make the most of any tax breaks you qualify for.
President Trump’s One Big Beautiful Bill (OBBB) includes a new business tax provision that could affect how entrepreneurs organize their startups. The change is making C corporations more appealing than they’ve been in years. For founders, early employees, and investors, the update to the Qualified Small Business Stock (QSBS) exemption is a big deal. It raises the potential tax-free gains from company stock and gives startup owners more control over when and how to realize those gains. Here’s what’s changing and why it matters.
The OBBB expands the QSBS capital gains tax exclusion from $10 million to $15 million for stock acquired after July 4, 2025. So, if you own qualifying stock in a C corporation and then sell it after meeting the holding period and other requirements (e.g. your C corp must be U.S.-based and have less than $75 million in total assets when it issues the stock), you could exclude up to $15 million in gains from federal income tax.
Simply put: if the company is successful, you get to keep more of your profit.
This is a significant advantage for founders and early employees who hold stock in their own startups, especially when emerging industries like AI and biotech are driving company values to rise quickly.
The QSBS change gives small startups another reason to consider that route instead of an LLC or S corp. With the higher exemption, founders of C corporations can protect more of their future profits from taxes when they eventually sell their stock. Investors get the same tax break if they keep their shares for at least five years.
It’s also a boost for early employees who receive equity as part of their compensation. Depending on how much the company appreciates, their potential payout for company growth could be partly or fully tax-free.
The OBBB also gives business owners more control over when they pay taxes on their gains. Instead of selling all your shares at once, you can sell some shares now and hold the rest for later. The timing can help you manage income level, avoid higher tax brackets, and plan for future rate changes.
The new $15 million cap also makes it easier for founders to include their business stock in long-term wealth and estate plans. They can transfer QSBS shares to trusts or family members while keeping the tax break. So, they can pass on more of the company’s value without losing money to taxes.
For new entrepreneurs, especially in tech and AI sectors, this change could mean keeping millions more in long-term wealth. Before deciding how to structure your business, talk with a tax professional who can help you navigate the ever-changing federal tax code.
Economic downturns are inevitable. Maybe not today, but eventually. The smart move is to prepare now so your business can endure those rocky times and even find opportunities rather than struggle through. Read on as we go over small business survival strategies to help pull your business through times of economic turbulence.
Cash is the lifeline of any business. When sales decline, you still have to cover rent, bills, and lease agreements. Setting money aside for emergencies provides breathing room when revenue shrinks. You should ultimately aim for a few months of expenses saved, but if that’s too much to set aside right away, even a small stash can help with surprise costs and keep you from rushing into quick fixes.
Depending on a small pool of clients or products is risky, so always be thinking of ways to add new streams of revenue. For instance, a bookkeeping service can attract new clients by offering budgeting workshops, a local gym could reach more clients by starting online workout programs led by their fitness trainers, and a catering company could offer date-night cooking classes. The goal is to diversify income streams so an economic slowdown won’t knock your business completely off course.
When times get tough, marketing is often mistakenly treated as expendable, but you should always be working to generate leads no matter the state of the economy. And it doesn’t have to be an expensive undertaking. Start an email campaign; leverage social media with quality content; contribute your expertise to blogs, podcasts, and magazines; refresh your website so it’s SEO-optimized. Marketing is like planting grass seed. With consistent watering, green grass will eventually grow through bare ground.
Your existing customers are your strongest asset when the economy slows, so be in tune with how you can support them. Add bonus perks to your rewards program, or send thank-you notes, coupons, or free samples with an order. A business that listens and shows it cares often earns trust and loyalty even when spending is tight. Loyal customers will also recommend you to others, which is one of the cheapest and most effective forms of marketing you can get.
Chasing sales alone won’t keep your business alive. Profit is what matters. Keep an eye on expenses and cut waste before it grows. Talk with suppliers about better rates. Use automation to save time and resources on repetitive tasks. But don’t trim so much that you hurt quality or employee morale.
Also think about the value of each sale. Some projects or customers may take up too much time for too little return. Focus on the work that actually strengthens your bottom line. Profitability is about more than cutting costs—it’s about making sure your efforts are worth it. When you’re profitable, you’re not just surviving; you’re building a foundation for growth when the economy turns around again.
Many small business owners want to give back by supporting causes that are important to them. Enter charitable donations – a way to give back while building trust with customers and employees, improving your brand visibility in the community, and lowering your tax bill. Here’s how to make the most of charitable giving.
Donating to charity, whether through food banks, nonprofits, or other charitable missions, shows customers that profit isn’t the only thing that matters to your business. Employees also appreciate seeing their workplace engaged in giving back. But the benefits go beyond goodwill. Charitable giving helps to expand your network, boost your company’s image, and donations can qualify as tax deductions, which reduces your taxable income. It’s a win-win.
You don’t need to break the bank to make an impact. Businesses can give in different ways:
For a donation to count as a tax deduction, the organization must be a qualified 501(c)(3) nonprofit. If you’re unsure of the organization’s status, check the IRS’s searchable database of nonprofit organizations.
You’ll need to keep accurate records such as receipts, donation letters, or bank statements. For donated goods, property, or equipment that is greater than $250 in value, you’ll need a letter in writing from the organization. And if the value exceeds $500, you’ll need to complete IRS form 8283.
Most businesses can deduct up to 10% of their taxable income in charitable contributions each year, but be sure to double check with an accountant. If you give more than the 10% cap, you may be able to carry the unused amount forward and apply it as a deduction in the following year.
The right amount depends on your finances. Some businesses set aside a percentage of profits each year, like 1% to 5%. Others pick a flat dollar amount they can manage.
The key is to be realistic. Giving should never put your business in a cash crunch. Review your budget, talk with your accountant, and decide what amount of giving works best for the season your business is in.
Charitable giving isn’t just about tax savings. It’s about networking and building on connections.
Stay in touch with the organizations you support. Ask how your donation is being used and share any PR strategies related to your donation. (Keep in mind that you’ll need to get permission from the organization to use its branding in any marketing or PR efforts.) Share updates with your employees and customers so they see the impact too. Consider volunteering or attending events to show that your commitment is genuine.
When you treat it as a partnership, you can give back to the community and support causes that matter while your business gets positive publicity and a tax deduction.
After a challenging stretch, small businesses are beginning to show signs of recovery. Earnings have climbed 75% since January, a sign that things are moving in the right direction. Still, revenues haven’t yet caught up to the stronger numbers we saw in the past couple of years. This signifies that the earnings increase suggests a growing strength, but the climb is certainly still ongoing. Still, for many entrepreneurs, the recent momentum feels like a welcome shift after several years defined by turbulence. Read on as we go over the factors driving this recovery.
Tariff policies intended to support American manufacturing have created mixed outcomes. While some companies may benefit from these policies, small businesses that rely heavily on imports face higher material costs, which eat into already thin profit margins. Consumers, in turn, may be subject to inflated costs due to the increased cost of imported goods and supplies.
Yet business owners are seemingly adapting by renegotiating supply contracts to counterbalance price increases, making changes to product lines, or tightening operations to protect profit margins. These strategies show that small businesses are finding ways to navigate a current policy environment that’s changing rapidly.
The recently enacted One Big Beautiful Bill brings welcome certainty for business owners by locking in the tax reductions originally implemented in the 2017 Tax Cuts and Jobs Act (TCJA). For years, the possibility that these benefits might expire made long-term planning risky. Now, owners can think beyond the short term and move forward with long-term planning.
The bill also slashes the tedious amounts of business paperwork and reporting requirements. While the effect may not be felt immediately, fewer administrative hurdles free up valuable time that can be redirected toward growth, strategy, and customer retention.
Another development on the horizon is the potential for lower interest rates. If the Federal Reserve moves ahead with a rate cut, borrowing will become less expensive for small businesses, potentially opening the door to new opportunities. Affordable credit could make it easier to replace equipment, expand into new markets, or maintain a steady cash flow during slower periods.
When combined with the permanent tax cuts from the TCJA and the earnings gains already in motion, a rate cut could give small businesses the financial breathing room they need to build momentum as we head into 2026.
Despite the positive earnings news, supply costs, worker shortages, and shifting global markets still pose challenges for small businesses. Add to the mix renewed trade negotiations or inflation, and consumer spending could take a dive, potentially slowing the pace of progress.
Even so, the latest data highlights the adaptability of small business owners. By staying flexible, exploring different or additional income sources, and adjusting as needed, businesses continue to gear up for new growth opportunities while navigating uncertainty.
American families have long relied on 529 plans to save for their children’s college education. Now that the One Big Beautiful Bill (OBBB) has been signed into law, significant updates are set to launch. Whether you’re just starting a 529 or already have one in place, these new rules could impact your strategy.
A 529 is a tax-advantaged savings account for education that offers tax-free growth and tax-free withdrawals for qualified expenses. When the funds are used for costs like tuition, books, or housing, you don’t pay federal taxes on those withdrawals. These accounts have become so popular that by the end of 2024, American families had saved more than $525 billion in 529 plans.
Here’s a closer look at the biggest updates under the OBBB and what they mean for education savings moving forward.
The funds in a Trump account, which grow tax-deferred until the account holder reaches the age of 18, can be used for education, starting a business, or purchasing a first home. When the account holder reaches the age of 18, up to 50% of the funds can be tapped for withdrawal. After age 30, any remaining money may be withdrawn for any purpose. However, withdrawals used for non-qualified expenses before then will be taxed as regular income.
There is no change to the federal 529 contribution rules. These rules also remain unchanged:
If you’ve paid down debt, set up an emergency fund, and have retirement savings in motion, beginning a 529 plan can be the next logical step when planning for your children’s financial future. With more options across education paths, the power of tax-free growth and tax-free qualified withdrawals, and the added coordination with ABLE accounts for special-needs planning, a 529 plan remains a highly effective and flexible way to save for education.
Keeping an open line of communication is important to us. We invite you to reach out to us either by phone, email, or this form to ask questions, request an appointment or talk about any finance-related matter that comes to your mind.
317-398-9753
8 Public Square
Shelbyville, IN, 46176
Your Business. Your Family. Our Priority.
A company owners’ potential for personal financial security usually depends on the success of the business. Our commitment and responsibility is to help keep your business running smoothly and to help achieve your personal financial goals. Whether you are a business or an individual, our specialized staff will provide you with assistance in all your tax, reporting, financial and business affairs.
We're proud members of:
Brammer & Yeend is an independently owned and operated member firm of CPA Connect, a companion association to CPAmerica International
Financial information and reporting should not be a diversion for business owners, instead, financial information should be accurate, available, and insightful. We leverage experience and technology to provide business owners with dynamic resources and management tools.
Our personal services are designed to help busy, successful families manage their finances and grow their wealth with confidence and peace of mind. We do this by working together with our business solutions, allowing us to partner with clients and coordinate business and personal planning in order to meet their most important goals.
We strive to provide excellent service and solutions that fit our client’s specific needs and are industry appropriate. Our experienced CPAs have worked with clients in a variety of industries and understand the intricacies of each and apply the best solution possible. Over the years we have serviced clients in industries including agribusiness, retail, construction, manufacturing, food & beverage and many more. Below are some of our industries where we have specialized experience and expertise.
President Trump’s One Big Beautiful Bill (OBBB) implements tax changes designed to simplify filing and keep more earnings in Americans’ pockets. The law adjusts how the IRS treats certain types of income, updates annual gift limits, raises the estate tax exemption, and adds fresh deductions for tip earnings and overtime pay. Here’s what’s changing.
The bill expands what counts as nontaxable income, meaning certain types of income will now be excluded from federal income tax. Traditionally, nontaxable income included things like child support, alimony, workers’ compensation, and Roth IRA contributions.
Now, under the OBBB, certain tips and overtime pay also qualify for deductions that reduce taxable income. That doesn’t mean they’re completely tax-free (Social Security and Medicare taxes still apply), but it does mean a lower federal tax bill overall.
Overtime pay has always been taxed just like regular earnings, but the OBBB changes that by introducing a new deduction: up to $12,500 for single filers and $25,000 for joint filers can be subtracted from taxable income each year.
This deduction applies to tax years 2025 through 2028. It begins to phase out for taxpayers earning more than $150,000 (single) or $300,000 (joint) in modified adjusted gross income (MAGI).
For workers who rely on overtime pay to make ends meet, this deduction could mean a significant amount in savings each year.
The OBBB also introduces a new rule for qualified tips. Eligible employees can now deduct up to $25,000 per year of tip income from their taxable earnings. To qualify, tips must be voluntarily given and received through cash, card, check, or digital payment apps. However, automatic gratuities (like restaurant service charges for large parties) don’t qualify because they’re not considered voluntary. Like the overtime deduction, this deduction is also valid from tax years 2025 through 2028.
The annual federal gift tax exclusion has increased from $18,000 to $19,000 per recipient. That means you can gift up to $19,000 to as many people you want each year without filing a gift tax return or paying any tax on it. It’s a small increase, but for families assisting loved ones with major expenses like college tuition or a first home, it’s a helpful move.
The federal estate tax exemption is the amount of wealth you can pass to heirs without activating the estate tax. At the end of this year, the exemption was set to revert to the pre-2017 Tax Cuts and Jobs Act (TCJA) levels of $5 million per person. However, starting in 2026, the threshold rises from $13.99 million to $15 million per person ($30 million for married couples). This limit is permanent (barring any amendment or repeal in future legislation) and indexed for inflation starting in 2027, ensuring that it continues to rise over time.
This update means fewer wealthy families will face the estate tax, and gives these households more predictability for long-term planning.
The OBBB implements a handful of new, targeted tax breaks. Consult a tax professional to understand how these changes could apply to your situation and make the most of any tax breaks you qualify for.
President Trump’s One Big Beautiful Bill (OBBB) includes a new business tax provision that could affect how entrepreneurs organize their startups. The change is making C corporations more appealing than they’ve been in years. For founders, early employees, and investors, the update to the Qualified Small Business Stock (QSBS) exemption is a big deal. It raises the potential tax-free gains from company stock and gives startup owners more control over when and how to realize those gains. Here’s what’s changing and why it matters.
The OBBB expands the QSBS capital gains tax exclusion from $10 million to $15 million for stock acquired after July 4, 2025. So, if you own qualifying stock in a C corporation and then sell it after meeting the holding period and other requirements (e.g. your C corp must be U.S.-based and have less than $75 million in total assets when it issues the stock), you could exclude up to $15 million in gains from federal income tax.
Simply put: if the company is successful, you get to keep more of your profit.
This is a significant advantage for founders and early employees who hold stock in their own startups, especially when emerging industries like AI and biotech are driving company values to rise quickly.
The QSBS change gives small startups another reason to consider that route instead of an LLC or S corp. With the higher exemption, founders of C corporations can protect more of their future profits from taxes when they eventually sell their stock. Investors get the same tax break if they keep their shares for at least five years.
It’s also a boost for early employees who receive equity as part of their compensation. Depending on how much the company appreciates, their potential payout for company growth could be partly or fully tax-free.
The OBBB also gives business owners more control over when they pay taxes on their gains. Instead of selling all your shares at once, you can sell some shares now and hold the rest for later. The timing can help you manage income level, avoid higher tax brackets, and plan for future rate changes.
The new $15 million cap also makes it easier for founders to include their business stock in long-term wealth and estate plans. They can transfer QSBS shares to trusts or family members while keeping the tax break. So, they can pass on more of the company’s value without losing money to taxes.
For new entrepreneurs, especially in tech and AI sectors, this change could mean keeping millions more in long-term wealth. Before deciding how to structure your business, talk with a tax professional who can help you navigate the ever-changing federal tax code.
Economic downturns are inevitable. Maybe not today, but eventually. The smart move is to prepare now so your business can endure those rocky times and even find opportunities rather than struggle through. Read on as we go over small business survival strategies to help pull your business through times of economic turbulence.
Cash is the lifeline of any business. When sales decline, you still have to cover rent, bills, and lease agreements. Setting money aside for emergencies provides breathing room when revenue shrinks. You should ultimately aim for a few months of expenses saved, but if that’s too much to set aside right away, even a small stash can help with surprise costs and keep you from rushing into quick fixes.
Depending on a small pool of clients or products is risky, so always be thinking of ways to add new streams of revenue. For instance, a bookkeeping service can attract new clients by offering budgeting workshops, a local gym could reach more clients by starting online workout programs led by their fitness trainers, and a catering company could offer date-night cooking classes. The goal is to diversify income streams so an economic slowdown won’t knock your business completely off course.
When times get tough, marketing is often mistakenly treated as expendable, but you should always be working to generate leads no matter the state of the economy. And it doesn’t have to be an expensive undertaking. Start an email campaign; leverage social media with quality content; contribute your expertise to blogs, podcasts, and magazines; refresh your website so it’s SEO-optimized. Marketing is like planting grass seed. With consistent watering, green grass will eventually grow through bare ground.
Your existing customers are your strongest asset when the economy slows, so be in tune with how you can support them. Add bonus perks to your rewards program, or send thank-you notes, coupons, or free samples with an order. A business that listens and shows it cares often earns trust and loyalty even when spending is tight. Loyal customers will also recommend you to others, which is one of the cheapest and most effective forms of marketing you can get.
Chasing sales alone won’t keep your business alive. Profit is what matters. Keep an eye on expenses and cut waste before it grows. Talk with suppliers about better rates. Use automation to save time and resources on repetitive tasks. But don’t trim so much that you hurt quality or employee morale.
Also think about the value of each sale. Some projects or customers may take up too much time for too little return. Focus on the work that actually strengthens your bottom line. Profitability is about more than cutting costs—it’s about making sure your efforts are worth it. When you’re profitable, you’re not just surviving; you’re building a foundation for growth when the economy turns around again.
Many small business owners want to give back by supporting causes that are important to them. Enter charitable donations – a way to give back while building trust with customers and employees, improving your brand visibility in the community, and lowering your tax bill. Here’s how to make the most of charitable giving.
Donating to charity, whether through food banks, nonprofits, or other charitable missions, shows customers that profit isn’t the only thing that matters to your business. Employees also appreciate seeing their workplace engaged in giving back. But the benefits go beyond goodwill. Charitable giving helps to expand your network, boost your company’s image, and donations can qualify as tax deductions, which reduces your taxable income. It’s a win-win.
You don’t need to break the bank to make an impact. Businesses can give in different ways:
For a donation to count as a tax deduction, the organization must be a qualified 501(c)(3) nonprofit. If you’re unsure of the organization’s status, check the IRS’s searchable database of nonprofit organizations.
You’ll need to keep accurate records such as receipts, donation letters, or bank statements. For donated goods, property, or equipment that is greater than $250 in value, you’ll need a letter in writing from the organization. And if the value exceeds $500, you’ll need to complete IRS form 8283.
Most businesses can deduct up to 10% of their taxable income in charitable contributions each year, but be sure to double check with an accountant. If you give more than the 10% cap, you may be able to carry the unused amount forward and apply it as a deduction in the following year.
The right amount depends on your finances. Some businesses set aside a percentage of profits each year, like 1% to 5%. Others pick a flat dollar amount they can manage.
The key is to be realistic. Giving should never put your business in a cash crunch. Review your budget, talk with your accountant, and decide what amount of giving works best for the season your business is in.
Charitable giving isn’t just about tax savings. It’s about networking and building on connections.
Stay in touch with the organizations you support. Ask how your donation is being used and share any PR strategies related to your donation. (Keep in mind that you’ll need to get permission from the organization to use its branding in any marketing or PR efforts.) Share updates with your employees and customers so they see the impact too. Consider volunteering or attending events to show that your commitment is genuine.
When you treat it as a partnership, you can give back to the community and support causes that matter while your business gets positive publicity and a tax deduction.
After a challenging stretch, small businesses are beginning to show signs of recovery. Earnings have climbed 75% since January, a sign that things are moving in the right direction. Still, revenues haven’t yet caught up to the stronger numbers we saw in the past couple of years. This signifies that the earnings increase suggests a growing strength, but the climb is certainly still ongoing. Still, for many entrepreneurs, the recent momentum feels like a welcome shift after several years defined by turbulence. Read on as we go over the factors driving this recovery.
Tariff policies intended to support American manufacturing have created mixed outcomes. While some companies may benefit from these policies, small businesses that rely heavily on imports face higher material costs, which eat into already thin profit margins. Consumers, in turn, may be subject to inflated costs due to the increased cost of imported goods and supplies.
Yet business owners are seemingly adapting by renegotiating supply contracts to counterbalance price increases, making changes to product lines, or tightening operations to protect profit margins. These strategies show that small businesses are finding ways to navigate a current policy environment that’s changing rapidly.
The recently enacted One Big Beautiful Bill brings welcome certainty for business owners by locking in the tax reductions originally implemented in the 2017 Tax Cuts and Jobs Act (TCJA). For years, the possibility that these benefits might expire made long-term planning risky. Now, owners can think beyond the short term and move forward with long-term planning.
The bill also slashes the tedious amounts of business paperwork and reporting requirements. While the effect may not be felt immediately, fewer administrative hurdles free up valuable time that can be redirected toward growth, strategy, and customer retention.
Another development on the horizon is the potential for lower interest rates. If the Federal Reserve moves ahead with a rate cut, borrowing will become less expensive for small businesses, potentially opening the door to new opportunities. Affordable credit could make it easier to replace equipment, expand into new markets, or maintain a steady cash flow during slower periods.
When combined with the permanent tax cuts from the TCJA and the earnings gains already in motion, a rate cut could give small businesses the financial breathing room they need to build momentum as we head into 2026.
Despite the positive earnings news, supply costs, worker shortages, and shifting global markets still pose challenges for small businesses. Add to the mix renewed trade negotiations or inflation, and consumer spending could take a dive, potentially slowing the pace of progress.
Even so, the latest data highlights the adaptability of small business owners. By staying flexible, exploring different or additional income sources, and adjusting as needed, businesses continue to gear up for new growth opportunities while navigating uncertainty.
American families have long relied on 529 plans to save for their children’s college education. Now that the One Big Beautiful Bill (OBBB) has been signed into law, significant updates are set to launch. Whether you’re just starting a 529 or already have one in place, these new rules could impact your strategy.
A 529 is a tax-advantaged savings account for education that offers tax-free growth and tax-free withdrawals for qualified expenses. When the funds are used for costs like tuition, books, or housing, you don’t pay federal taxes on those withdrawals. These accounts have become so popular that by the end of 2024, American families had saved more than $525 billion in 529 plans.
Here’s a closer look at the biggest updates under the OBBB and what they mean for education savings moving forward.
The funds in a Trump account, which grow tax-deferred until the account holder reaches the age of 18, can be used for education, starting a business, or purchasing a first home. When the account holder reaches the age of 18, up to 50% of the funds can be tapped for withdrawal. After age 30, any remaining money may be withdrawn for any purpose. However, withdrawals used for non-qualified expenses before then will be taxed as regular income.
There is no change to the federal 529 contribution rules. These rules also remain unchanged:
If you’ve paid down debt, set up an emergency fund, and have retirement savings in motion, beginning a 529 plan can be the next logical step when planning for your children’s financial future. With more options across education paths, the power of tax-free growth and tax-free qualified withdrawals, and the added coordination with ABLE accounts for special-needs planning, a 529 plan remains a highly effective and flexible way to save for education.
Keeping an open line of communication is important to us. We invite you to reach out to us either by phone, email, or this form to ask questions, request an appointment or talk about any finance-related matter that comes to your mind.
317-398-9753
8 Public Square
Shelbyville, IN, 46176
