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.

Subscribe and leave a review on Apple or Spotify to help us grow the community, and be sure to share this episode with a fellow founder.

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

Today is my birthday (38 years around the sun) and marks eight years in business, so I’m kicking off something new: Simplify My Numbers, the show built for the 7-6-5 entrepreneur. After helping more than 300 business owners secure over $7.1M in tax credits and save more than $2.6M in taxes legally—and seeing too many tax horror stories along the way—I’m here to help you stop getting shocked at tax time.