Following the presidential election results, tax changes may be on the horizon. Here are 4 potential tax changes that could impact you: 1?? Corporate tax cuts: Proposed 15% tax rate for U.S. manufacturers and 20% for other corporations. 2?? Estate tax proposal: Maintain current $13.6M exemption permanently, preventing scheduled 2025 reduction. 3?? Enhanced deductions: The return of 100% bonus depreciation would allow for faster capital write-offs. 4?? Tax exemptions: Proposed relief for overtime and tip income from both payroll and income taxes. Read our full article for an in-depth look at what these updates might mean for you: https://hubs.li/Q02Yfr950 #TaxPlanning #CorporateTax
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In 2017, Congress and the President enacted the Tax Cuts and Jobs Act (TCJA), which made significant changes to the tax code for individuals and corporations. Is this the good news? Are changes to?marginal tax rates?and brackets, itemized deductions, tax exemptions, credits, and other portions of the federal tax system set to expire at the end of December 2025? In fact they are....... Would you say that's the bad news? Are taxes going to stay they same, go down, or increase in 2026? Are taxes 'on sale' through 2025? What does this indicator lead us to looking into for our family? Should we cash in our 401k, pay the taxes due, then invest it in non-taxable vehicles? When was the last time we took a breath and looked at how this will, will, will effect our situation? https://lnkd.in/eHkDT3Ty #MainStreetUSA #TaxBeneficialSavings
The Next Fiscal Cliff: Big Tax Decisions to Make in 2025
pgpf.org
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The Tax Cuts and Jobs Act is expected to sunset at the end of 2025, and states are trying to navigate the changes. Learn more about the provisions that are scheduled to expire, including what methods some states are considering taking in Josh Grossman's and Glenn Walsh's article in Bloomberg Tax. https://bit.ly/4dXpoQS
States Face Conformity Decisions With Sunsetting Tax Cuts
news.bloombergtax.com
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Buckle up: We’re likely to see major federal tax changes within the next year or two. The reason has to do with the upcoming elections and provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on Dec. 31, 2025. Here are 4 possible scenarios: 1) All TCJA provisions that are scheduled to expire will expire. 2) All TCJA provisions that are set to expire will be extended or made permanent. 3) Some provisions will expire while others will be extended or made permanent. 4) Some or all expiring TCJA provisions will expire and new laws will be enacted that provide different tax breaks and/or rates. What will happen to YOUR taxes depends on which scenario becomes reality. For further help, check out our blog https://bit.ly/3RBDG07 #axleyrode #trustedadvisor #tax
What might be ahead as many tax provisions are scheduled to expire?
axleyrode.cpa
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Buckle up: We’re likely to see major federal tax changes within the next year or two. The reason has to do with the upcoming elections and provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on Dec. 31, 2025. Here are 4 possible scenarios: 1) All TCJA provisions that are scheduled to expire will expire. 2) All TCJA provisions that are set to expire will be extended or made permanent. 3) Some provisions will expire while others will be extended or made permanent. 4) Some or all expiring TCJA provisions will expire and new laws will be enacted that provide different tax breaks and/or rates. What will happen to YOUR taxes depends on which scenario becomes reality. For further help, check out our blog https://bit.ly/3RBDG07 #axleyrode #trustedadvisor #tax
What might be ahead as many tax provisions are scheduled to expire?
axleyrode.cpa
-
Buckle up: We’re likely to see major federal tax changes within the next year or two. The reason has to do with the upcoming elections and provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on Dec. 31, 2025. Here are 4 possible scenarios: 1) All TCJA provisions that are scheduled to expire will expire. 2) All TCJA provisions that are set to expire will be extended or made permanent. 3) Some provisions will expire while others will be extended or made permanent. 4) Some or all expiring TCJA provisions will expire and new laws will be enacted that provide different tax breaks and/or rates. What will happen to YOUR taxes depends on which scenario becomes reality. For further help, check out our blog https://bit.ly/3RBDG07 #axleyrode #trustedadvisor #tax
What might be ahead as many tax provisions are scheduled to expire?
axleyrode.cpa
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The failure of the Tax Relief for American Families and Workers Act in the Senate means higher taxes for many in 2024. Key provisions like 100% bonus depreciation and R&D expensing won't be extended. Discover how this impacts your business in this new insight. #TaxPlanning
Tax Extenders Legislation Fails to Pass
jlkrosenberger.com
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A long-standing insurance industry finance executive that has transitioned his experience to the public accounting arena
The failure of the Tax Relief for American Families and Workers Act in the Senate means higher taxes for many in 2024. Key provisions like 100% bonus depreciation and R&D expensing won't be extended. Discover how this impacts your business in this new insight. #TaxPlanning
Tax Extenders Legislation Fails to Pass
jlkrosenberger.com
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The failure of the Tax Relief for American Families and Workers Act in the Senate means higher taxes for many in 2024. Key provisions like 100% bonus depreciation and R&D expensing won't be extended. Discover how this impacts your business in this new insight. #TaxPlanning
Tax Extenders Legislation Fails to Pass
jlkrosenberger.com
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The failure of the Tax Relief for American Families and Workers Act in the Senate means higher taxes for many in 2024. Key provisions like 100% bonus depreciation and R&D expensing won't be extended. Discover how this impacts your business in this new insight. #TaxPlanning
Tax Extenders Legislation Fails to Pass
jlkrosenberger.com
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Vice President of Federal Tax Policy and Stephen J. Entin Fellow in Economics at Tax Foundation
Two important releases today on the expiring Tax Cuts and Jobs Act. First a map showing impacts across the US: https://lnkd.in/e8nGSjMV. Second, a discussion of tradeoffs in how to deal with the expirations, illustrating two pro-growth, revenue-neutral options that keep within the TCJA structure and move the tax code in the direction of sound tax policy: https://lnkd.in/esFutNvA
Expiring TCJA Tax Provisions in 2026 Would Produce Substantial Tax Hike across the US
https://taxfoundation.org
