OBBBA’s Enhanced Child and Dependent Care Credit: Bigger Benefits for Working Families The One Big, Beautiful Bill Act (OBBBA) significantly expands the federal Child and Dependent Care Credit, providing greater relief to working families and caregivers for tax year 2025 and beyond. Key Enhancements Effective for 2025 Feature Pre-OBBBA Law (2024) OBBBA (2025 and Beyond) Max Credit Rate 35% of qualified expenses 50% of qualified expenses Max Qualified Expenses $3,000 (1 child)

OBBBA’s New Car Loan Interest Deduction: A Limited-Time Opportunity For the first time in decades, OBBBA allows individuals to deduct interest paid on loans for qualifying new vehicles. This provision is aimed at boosting domestic auto sales and providing relief amid rising auto loan costs. Key Features (2025–2028) Deduction Limit: Deduct up to $10,000 per year in interest on loans for new, U.S.-assembled vehicles. Eligible Vehicles: The vehicle must be new (no prior title),

New for 2025: "No Tax on Tips" and "No Tax on Overtime" Deductions The One Big, Beautiful Bill Act (OBBBA) delivered unique new tax-saving opportunities for workers in 2025 and beyond—especially if you earn income from tips or overtime. Here’s what you need to know about these powerful deductions. 1. “No Tax on Tips” Deduction Who qualifies? Individuals who receive cash tips in an occupation that was customarily and regularly tipped as of December 31, 2024 (e.g., servers, bar

OBBBA's Major Changes to Itemized Deductions The One Big, Beautiful Bill Act (OBBBA) made sweeping changes to the landscape for itemized deductions, especially for taxpayers in higher-tax states or with substantial charitable, mortgage, or state tax deductions. Two of the most impactful reforms are the temporary boost to the State and Local Tax (SALT) deduction cap and the repeal of the Pease limitation. 1. SALT Deduction Cap Increased to $40,000 for 2025 What’s new: For tax

OBBBA’s Child Tax Credit: Bigger, Broader, but Stricter The One Big, Beautiful Bill Act (OBBBA) permanently extends and enhances the Child Tax Credit (CTC) and Other Dependent Credit—two of the most valuable tax breaks for families. Here’s what’s new for 2025 and what you need to know for your tax planning: Key Child Tax Credit Changes for 2025 Credit Amount : The CTC is now $2,200 per qualifying child (up from $2,000 in prior years), and is indexed for inflation in future ye

Welcome to our first entry in the Weekly OBBBA Spotlight! In this series, Seiberling & Company will break down the most important changes from the One Big, Beautiful Bill Act (OBBBA)—the landmark tax reform signed into law on July 4, 2025—so you can make informed decisions for your 2025 tax year and beyond. We begin with perhaps the most impactful provision for individual taxpayers: the permanent extension of lower tax rates and a larger standard deduction. What Changed with

2025 is a game-changing year for tax planning. The One Big, Beautiful Bill Act (“OBBBA”), signed into law on July 4, 2025, makes the most sweeping changes to the tax code since the Tax Cuts and Jobs Act (TCJA). As we kick off a new year, Seiberling & Company is excited to announce our Weekly OBBBA Spotlight—a blog series unpacking the most impactful provisions of this new law so you can take full advantage in your 2025 tax planning. This week, we start with what matters most

Day-to-day pressures on small and mid-sized businesses in communities like Wadsworth command constant attention, whether it's juggling bookkeeping, fielding compliance concerns, or carving out time for core operations. Owners often describe a cycle: routine financial activities expand into unpredictable burdens, crowding weekends and delaying important decisions. Tight regulations and the need to safeguard sensitive data only intensify demands, with increasing risks when proc

Picture a small business owner in Wadsworth sitting across from a trusted advisor, scanning the possibilities that a merger or acquisition places before them. It's an exciting scenario—one that brings with it the chance for growth, new markets, or providing for the next phase of life. Yet for every promise M&A holds, familiar anxieties linger in the margins: Will financial foundations hold up under scrutiny? Could the legacy built over decades withstand transition? Decisions