According to the IRS, over 9 million Americans fail to file their taxes on time each year—and many business owners fall into this trap due to disorganized or outdated bookkeeping. If you're feeling overwhelmed by messy books and unfiled returns, you're not alone.

The IRS didn’t raise tax rates in 2025—they’re still the same seven marginal rates: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. What changed? The income thresholds got bumped up to account for inflation, helping prevent “bracket creep”—where inflation pushes you into a higher tax bracket despite no real increase in spending power.

If you haven’t been following closely, the One Big Beautiful Bill Act (OBBBA) is a sweeping budget reconciliation law signed on July 4, 2025, covering tax reform, spending, healthcare, immigration, defense, and more. In political terms, it’s the modern-day omnibus — a single massive law with far-reaching effects.