The 2026 “One Big Beautiful Bill” delivers a wide range of tax updates affecting businesses and households. Key business changes include permanent 100% bonus depreciation, restored immediate expensing for U.S. R&D costs, and higher Section 179 limits, while energy‑efficiency incentives begin winding down after mid‑2026. For individuals, the standard deduction increases, the Child Tax Credit rises to $2,200 per child, and seniors and adoptive families receive expanded benefits. New provisions allow exclusions for up to $25,000 in tips and certain overtime, introduce a deduction for auto loan interest, and return the 1099‑K reporting threshold to $20,000 and 200 transactions. Clean‑energy credits begin phasing out, the estate tax exemption adjusts to $15 million per person, and the 20% pass‑through deduction remains permanent.