IF NOT, HERE’S WHAT YOU NEED TO KNOW TCJA EXPIRING THIS YEAR?
While some people have benefited from lower tax payments due to recent legislation, much of that help may start decreasing soon. This upcoming year, many provisions of the Tax Cuts and Jobs Act (TCJA) of 2017, which included significant changes to our tax code, are due to expire. However, since the Republican party gained control of the House and Senate in November, it’s likely the Act will be extended. Since we don’t know yet, here is what you need to know about how potential changes may impact your income tax season. DEDUCTIONS If the TCJA expires, married couples will be particularly impacted. For instance, the standard deduction for a married couple is set to be $16,525 in 2026, but if the TCJA were still in effect, that deduction would be $30,725. However, the personal exemption was eliminated through the TCJA and will be brought back if it expires. That means the personal exemption will go from $0 in 2025 to $5,275 in 2026. The child tax credit was doubled under the TCJA from $1,000 to $2,000 and would decrease to pre-2017 levels. The TCJA also set a $10,000 cap on the maximum state and local taxes that could be deducted each year. If this expires, high-income taxpayers in certain states will benefit. MARGINAL TAX BRACKETS For many taxpayers, their marginal tax bracket rate was heavily affected by the TCJA. Before 2017, the marginal tax bracket rates were 10%, 15%, 25%,
28%, 33%, 35%, and 39.6%. These were changed to 10%, 12%, 22%, 24%, 32%, 35%, and 37%, respectively, when the TCJA went into effect. If the TCJA expires, depending on your tax bracket, you may be paying anywhere from 3%–6% more every year. It is important to understand the full breadth of changes possibly coming your way and budget accordingly. Depending on what happens, you may end up paying more (or, fingers crossed, less) in taxes.
Document Your Path to Recovery
ESSENTIAL STEPS TO TAKE IMMEDIATELY AFTER A WORKPLACE INJURY
TAKE PHOTOGRAPHIC EVIDENCE Take pictures of the injury, the accident site, and any relevant factors contributing to the mishap. Even continue to take photos of your injury throughout the healing process. Visual evidence can powerfully support your claim and show the conditions that led to the injury and how it affected your life. TRACK ALL YOUR RELATED EXPENSES Keep detailed records of all expenses related to the accident — medical bills, lost wages, transportation costs to medical appointments, and any other related expenses. This documentation is paramount for ensuring that all potential compensation is considered in your claim. SEEK PROFESSIONAL GUIDANCE Navigating the complexities of a workers’ compensation claim can be confusing. If you’ve suffered a workplace injury, it’s wise to consult with professionals who understand the ins and outs of the workers’ compensation process. Monast Law Office specializes in helping workers like you secure the compensation you deserve. Contact us for comprehensive support throughout your workers’ compensation claim process.
Fast action is essential to protect your legal rights during work accidents. The first step is to seek immediate medical attention to address any injuries. This serves as the first documentation of the incident, which is required for any workers’ compensation claim. Whether it’s a minor injury or something more serious, the treatment you receive forms the foundation of your claim. NOTIFY AND DOCUMENT As soon as possible, inform your supervisor or employer about the incident. This notification should be in writing to provide a clear record of the incident and your prompt response. Documenting the exact time, date, and site of the accident, along with a detailed description of what happened, is critical. Gather the names and contact information of any witnesses — these accounts can verify your version of events and provide more insights into the accident. GATHER MEDICAL RECORDS Follow all medical advice and keep detailed doctor visit and treatment records. Also, order copies of all medical reports, treatment plans, and bills. These documents are indispensable for confirming your claim and showing the extent of your injuries. Adhere to the prescribed treatment plans and attend every medical appointment; these aid your recovery and strengthen your claim by showing your commitment to healing.
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