The One Big Beautiful Bill (OBBBA) raises the 1099 reporting threshold from $600 to $2,000 starting in 2026, easing paperwork burdens for small businesses that hire contractors. It also eliminates clean vehicle and residential energy tax credits after 2025, and makes employer contributions to employee student loans and educator expense deductions permanent—offering both tax planning opportunities and limitations for small business owners and self-employed individuals. To read more about potential impacts of this new legislation, see this article posted by H&R Block.