What Is the ‘Big Beautiful Bill’? On July 4, 2025, Congress passed H.R. 1, unofficially dubbed the “One Big Beautiful Bill Act” — a massive tax and spending bill backed by former President Donald Trump. This isn’t just another tax tweak. It’s a fundamental reshaping of the U.S. tax code, federal safety net programs, and budget priorities for the next decade.

If you’re a small business owner in Brooklyn, NY, you already know that taxes aren’t just a springtime headache — they’re a year-round responsibility. But what if the difference between overpaying and keeping thousands more in your pocket comes down to one thing: clean financial records?

Running a small business means juggling a thousand tasks every day. But when bookkeeping takes a backseat, it can quietly cost you thousands of dollars — or even threaten the health of your business. Here are seven costly bookkeeping mistakes small business owners make, and how you can avoid them.