FAQ on Nick Preusch's Interview and the 2025 Tax Updates

Who is Nick Preusch?

Nick Preusch is a Tax Director at YHB with over 15 years of experience in the industry, specializing in complex tax compliance, international, non-for-profit tax issues, and tax ethics.

What is the ‘One Big Beautiful Bill Act’?

It’s the most sweeping tax overhaul since the 2017 Tax Cuts and Jobs Act, making many prior provisions permanent and introducing new ones for individuals and businesses.

What are some key changes introduced by the bill?

Key changes include tax-free overtime and tips, senior tax relief, business incentives like 100% Bonus Depreciation, and industry-specific benefits such as a new tip credit for beauty salons and spas.

How does the bill affect seniors?

Seniors receive an increased exemption amount, helping reduce taxable income in retirement as a compromise for the undelivered promise of tax-free Social Security.

What business incentives are included in the bill?

The bill includes 100% Bonus Depreciation, full R&D Expensing, and a permanent 20% QBI Deduction for pass-through businesses.

Are there any industry-specific benefits in the bill?

Yes, beauty salons and spas gain a new tip credit, and manufacturers receive new accelerated deductions for plant construction.

What advice does Nick Preusch offer to taxpayers?

Nick advises taxpayers to work with qualified professionals to navigate the changes, consider structural changes like converting to S-corporations for tax benefits, and adjust withholdings to avoid overpayments.

What is the new SALT deduction cap?

The bill raises the State and Local Tax (SALT) deduction cap from $10,000 to $40,000 per return, offering short-term planning opportunities especially for high-income earners and business owners.

Where can I find more information about the 2025 tax updates?

More information can be found on YHB’s website or by connecting with Nick Preusch on LinkedIn.