What happens when tax laws change halfway through the year? If you're a business owner with employees, purchased assets in 2025, or live in a high-tax state, you might be sitting on tax savings you don't even know about—or worse, facing confused employees with incorrect W-2s.

The 2025 tax code overhaul, via the One Big Beautiful Bill, brought massive changes that caught most business owners off guard: overtime became tax-exempt (with conditions), bonus depreciation returned at 100%, and the SALT deduction cap quadrupled. But because these changes happened mid-year, payroll systems weren't ready, business owners weren't prepared, and now the 2026 tax filing season is shaping up to be one of the most confusing in years.

HIGHLIGHTS

• Why the 2026 tax filing season will be uniquely confusing for business owners

• The 55-employee W-2 crisis: what went wrong and how to fix it

• Bonus depreciation is back at 100%—but only for assets purchased after a specific date

• How to write off $50,000 in equipment while only spending $5,000 out of pocket

• The overtime tax exemption explained: who qualifies and how much you can save

• Why most payroll software failed to capture overtime exemptions correctly

• SALT deduction changes: the cap increased from $10,000 to $40,000

• How high-income earners in high-tax states can finally itemize properly

• The critical questions your tax professional should be asking you right now

CHAPTERS

0:00 - 55 W-2s Missing Overtime Info: What Went Wrong?

0:24 - Welcome to Simplify My Numbers + Why 2026 Taxes Will Be a Mess

1:18 - Mid-Year 2025 Tax Law Changes You Must Know

2:48 - Bonus Depreciation Is Back: The Write-Off Opportunity Explained

5:18 - The Catch: 100% Bonus Depreciation Only After Jan 19, 2025

6:32 - Overtime Tax Exemption: Rules, Limits, and Who Qualifies

7:48 - Payroll Software Fail: Fixing Incorrect W-2s for Overtime

10:38 - SALT Deduction Changes: Standard vs Itemized (and the New $40K Cap)

14:07 - Final Takeaway: Plan Early, Ask the Right Questions, Save More

Want to keep more of what you earn? If you’re a 7-6-5 business owner ready to move from financial chaos to CFO-level comfort, visit www.simplifymynumbers.com to schedule a call with our team.

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This show is designed to be used for educational and informational purposes. For your own situation, be sure to contact a tax professional directly.

This show is part of the ICT Podcast network. For more information, visit ictpod.net