How the “Big Beautiful Bill” Impacts Your Taxes: An Interview with CPA Cherie Sayban
- Cherie Sayban
- 6 days ago
- 5 min read
The recently passed “Big Beautiful Bill” is making waves across the U.S., promising to overhaul parts of the tax code and introduce new provisions that will affect individuals, small business owners, and high-income earners alike. To help break it all down, we sat down with Cherie Sayban, a seasoned CPA with over 25 years of experience helping clients navigate the complexities of tax law.
Q: Cherie, thank you for joining us. First off—what exactly is the “Big Beautiful Bill”?
Cherie Sayban: Thank you for having me. The “Big Beautiful Bill,” officially known as the American Tax Modernization and Relief Act of 2025, is a comprehensive piece of tax legislation designed to update several areas of the U.S. tax code. It focuses on middle-class relief, corporate tax reform, green energy incentives, and increased compliance measures for high-net-worth individuals.
Q: Let’s start with individuals. How will the average taxpayer be affected?
Cherie: One of the most immediate effects is a change to the tax brackets. The bill raises the standard deduction again—by about 10%—which means more of your income is shielded from taxation. It also slightly adjusts the income thresholds for the lower brackets, so some people may drop into a lower tax bracket and owe less.
In addition, there’s a new refundable tax credit for caregivers and a modest expansion of the Child Tax Credit. These changes are particularly beneficial for working families and multigenerational households.
Q: What about small business owners? Anything significant there?
Cherie: Yes, quite a few changes are coming for small business owners under the “Big Beautiful Bill.”. One of the most notable is the expansion of the Qualified Business Income (QBI) deduction under Section 199A of the tax code. It now includes more service-based industries that were previously excluded, like some consulting and creative professions.
Previously, certain Specified Service Trades or Businesses (SSTBs)—such as consultants, financial professionals, health practitioners, and creatives like writers and designers—were either partially or entirely excluded from claiming the full 20% QBI deduction once their income surpassed certain thresholds.
Under the new bill, many of those exclusions have been rolled back. The updated rules now allow more service-based professionals to qualify for the full deduction, regardless of the type of service they offer, provided their total taxable income falls within new, higher phase-out ranges.
This is a big win for solo entrepreneurs, freelancers, and small partnerships who operate in knowledge- or skill-based fields. It levels the playing field and acknowledges the economic impact of modern service businesses, which often rely more on intellectual capital than physical goods.
In addition to expanding eligibility, the bill also clarifies how multiple streams of income—such as from side businesses or passive real estate—can be grouped or separated for QBI purposes. This will give business owners more flexibility in how they structure their operations and file their taxes.
There’s also a streamlined reporting system for Schedule C filers, and a temporary tax credit for businesses that invest in employee training or green upgrades to their facilities. That’s a big win for companies trying to modernize responsibly.
In short, if you’re a consultant, a coach, a digital content creator, or even a high-earning self-employed professional who was previously limited or disqualified from the deduction, this is a great time to revisit your tax planning. You may now qualify for a significant reduction in taxable income.
Q: Are there any new taxes or increases people should be concerned about?
Cherie: For most Americans—no. But for high-income earners, there are new surtaxes on capital gains over $1 million and expanded reporting requirements for foreign income and digital assets. The IRS is also getting increased funding to enforce compliance in these areas.
If you fall into one of those higher-income brackets or have complex investments, this is the time to meet with a CPA and review your strategy.
Q: There’s a lot of talk about the charitable deduction rate for non-itemizers. Can you elaborate?
Cherie: Absolutely. Starting after 2025, the bill creates a charitable contribution deduction of $1,000 for single filers or $2,000 for married-filing jointly for certain qualified charitable contributions. This deduction is permanent.
Q: What’s one area of the bill that people might overlook, but really need to pay attention to?
Cherie: Great question. I’d say one of the most critical—yet often overlooked—areas is the change to estate and gift tax rules. The “Big Beautiful Bill” introduces a gradual reduction of the federal lifetime estate and gift tax exemption over the next five years.
Currently, individuals can pass on up to $13.61 million (or $27.22 million for married couples) in assets without triggering federal estate taxes. However, under the new legislation, that exemption will shrink incrementally each year, with projections bringing it down to around $6 million per person by 2030—possibly even sooner, depending on economic conditions and inflation indexing.
For families with significant real estate holdings, investment portfolios, family businesses, or other highly appreciated assets, this means the window of opportunity to transfer wealth tax-efficiently is narrowing. If you wait too long to take action, a much larger portion of your estate could be subject to federal estate tax rates, which currently top out at 40%.
Additionally, the bill includes new reporting requirements for certain trusts and gifting strategies that were commonly used to reduce taxable estates. This is a signal that the IRS is increasing scrutiny on estate planning tactics and aiming for greater transparency and compliance.
So if you’ve been postponing estate planning, or assuming the current exemptions would last indefinitely, it’s time to reconsider. There are tools—like irrevocable trusts, gifting strategies, family limited partnerships, and charitable foundations—that can still help mitigate tax exposure, but these need to be implemented thoughtfully and often require time to structure properly.
In short: Don’t delay. If you’ve been holding off on estate planning, now is the time to act. Waiting could cost your heirs significantly in future taxes. If you have an estate worth several million dollar—or even if you’re on track to have one due to investments or property appreciation—it’s wise to sit down with a CPA and an estate attorney now.
A proactive plan could save your family millions in taxes down the line.
Q: Lastly, what’s your biggest piece of advice for taxpayers right now?
Cherie: Stay informed, and don’t wait until tax season. The “Big Beautiful Bill” affects various aspects of your financial life—whether it’s retirement contributions, charitable giving, or business deductions. Proactive planning can make a big difference.
I always recommend working with a qualified tax professional to create a customized strategy. There’s a lot of opportunity in this bill if you understand how to take advantage of it.
Final Thoughts
The “Big Beautiful Bill” brings sweeping changes, but with proper guidance and preparation, many taxpayers stand to benefit. Whether you’re an individual filer, a small business owner, or managing a high-value estate, now is the time to reassess your financial strategy.
For personalized guidance, connect with Cherie Sayban, CPA, at cheriesaybancpa.com or schedule a consultation today.
About the Author
Cherie Sayban is a certified public accountant. She has over 25+ years of experience in Finance, Accounting and Bookkeeping.
Cherie Sayban CPA provides various financial and accounting solutions to small and mid-size businesses. Our portfolio includes: tax preparation, payroll preparation, accounts receivable and payables, general ledger, and QuickBooks . Our bookkeeping workshops are offered both in-person and virtually.
To learn more about how Cherie Sayban CPA can help you and your business, click HERE
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