FOOD FOR THOUGHT
OUR SPOTLIGHT RECIPIENT The Tax Cuts and Jobs Act (TCJA) of 2017 Are you familiar with the Tax Cuts and Jobs Act (TCJA)? This major tax legislation was passed in 2017 and brought about significant changes to both individual and business taxes. While many of these changes were designed to be permanent, several key provisions are set to expire at the end of 2025. This is often referred to as the "sunset" of the TCJA.
WHAT DOES THIS MEAN FOR YOU?
The sunset of the TCJA could have a substantial impact on your tax situation. For individuals, this could mean higher income tax rates, a reduced standard deduction, and the return of the Alternative Minimum Tax (AMT). For businesses, the valuable Qualified Business Income (QBI) deduction could disappear. Additionally, the estate and gift tax exemption, which was temporarily doubled under the TCJA, is set to revert to its pre-2018 levels.
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