There’s been a lot of buzz around the sunset of the Tax Cuts and Jobs Act (TCJA). But with recent passing of the One Big Beautiful Bill Act (OBBA), many of the major provisions have been extended—giving individuals and businesses a little more breathing room.
Still, that doesn’t mean you should hit snooze on your tax planning.
In fact, this extension is the perfect time to get proactive. Because while you might not face a tax hike in 2026, smart planning now can still reduce your tax burden for years to come.
What the TCJA Extension Means
Some of the key provisions extended include:
- Lower individual tax brackets
- Increased standard deductions
- Expanded child tax credits
- The 20% QBI deduction for pass-through businesses
In plain English: the tax breaks you’ve been enjoying are sticking around longer
That means:
- You can still lock in savings today
- You have time to optimize your business structure
- And you can strategize without the pressure of an immediate sunset
Tax Moves Worth Making Now
Now is the time to get strategic. Here’s where smart taxpayers and business owners should focus:
1) Resolve IRS Issues Before They Snowball
With the IRS doubling down on enforcement, unresolved issues can escalate fast.
- Owe back taxes (personal or business)? The longer you wait, the worse the penalties get. Five Star can help you explore resolution options—including Offers in Compromise, payment plans, and penalty relief.
- Dealing with a lien or levy? Don’t wait for the IRS to seize assets or garnish wages. Our team can negotiate to remove or prevent enforced collections while getting you back in good standing.
2) Review Your Business Entity (and File It Right)
TCJA’s permanent Qualified Business Income (QBI) deduction makes entity structure more important than ever. Are you still operating as a sole prop when an S-Corp might save you thousands?
- Five Star offers corporate tax prep and filing to make sure your business is structured—and taxed—efficiently.
3) Stop Penalties From Draining You
Late filings, underpayments, or reporting errors can trigger crippling IRS penalties. But here’s the thing—many of them are negotiable.
- We work with the IRS on your behalf to reduce or abate penalties, especially for first-time offenses or documented hardships.
Bottom line? The TCJA extension gives you a window of opportunity—but that window won’t stay open forever.
Don’t Waste the Extra Time
Every tax season you plan for under the extended TCJA rules is a chance to keep more of what you earn, invest, and grow.
Smart planning now = lower taxes later. Book a strategy session while there’s time. ⏳
👉 Schedule your tax review today
