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Large standard tax deductions going away December 2024
click here: Leave a text, tell us what you liked
That's right. All of those benefits including lower taxes that came from the 2017 changes to the federal tax code are scheduled to revert back at the end of 2025. Unless Congress and the president do something about it.
That large standard deduction will be history. Everyone will pay much more in taxes if Congress does not reauthorize the 2017 tax law.
That doubling of the standard deduction will go away. The lowering of tax brackets, back to the old higher tax brackets, and much more. Benefits for small businesses will be gone.
Assuming that our dysfunctional government will not rise to the challenge, you need to take some actions with your CPA and financial advisor to put your financial house in order. There are things you can do to minimize the impact of the rollback. Listen as we discuss the topic.
Please visit our blog site at RetireCoast.com to read more about this and other topics in the areas of financial health, retirement real estate, and more.
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🎙️ Enjoyed This Episode?
Subscribe to the RetireCoast Podcast for practical conversations about retirement planning, financial preparedness, estate planning, entrepreneurship, and life on the Mississippi Gulf Coast.
👉 Visit RetireCoast.com for in-depth articles, calculators, decision tools, checklists, and guides that expand on the topics we cover in each episode.
📋 Looking for more advanced planning resources?
Explore our membership programs:
• Estate Planning Membership — Build and organize your legacy with decision tools, trust planning resources, trustee selection guidance, emergency preparedness documents, and more.
• Business Builder Membership — Access tools and resources designed to help entrepreneurs, retirees, side-hustlers, and small business owners start, manage, and grow a successful business.
• All Access Membership — Receive complete access to both memberships and our entire premium planning library.
Learn more at:
https://retirecoast.com/estate-planning-membership/
https://retirecoast.com/business-builder-membership/
https://retirecoast.com/all-access-membership/
💬 Have a question or a topic you'd like us to cover?
Email: [email protected]
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By Williamclick here: Leave a text, tell us what you liked
That's right. All of those benefits including lower taxes that came from the 2017 changes to the federal tax code are scheduled to revert back at the end of 2025. Unless Congress and the president do something about it.
That large standard deduction will be history. Everyone will pay much more in taxes if Congress does not reauthorize the 2017 tax law.
That doubling of the standard deduction will go away. The lowering of tax brackets, back to the old higher tax brackets, and much more. Benefits for small businesses will be gone.
Assuming that our dysfunctional government will not rise to the challenge, you need to take some actions with your CPA and financial advisor to put your financial house in order. There are things you can do to minimize the impact of the rollback. Listen as we discuss the topic.
Please visit our blog site at RetireCoast.com to read more about this and other topics in the areas of financial health, retirement real estate, and more.
Support the show
🎙️ Enjoyed This Episode?
Subscribe to the RetireCoast Podcast for practical conversations about retirement planning, financial preparedness, estate planning, entrepreneurship, and life on the Mississippi Gulf Coast.
👉 Visit RetireCoast.com for in-depth articles, calculators, decision tools, checklists, and guides that expand on the topics we cover in each episode.
📋 Looking for more advanced planning resources?
Explore our membership programs:
• Estate Planning Membership — Build and organize your legacy with decision tools, trust planning resources, trustee selection guidance, emergency preparedness documents, and more.
• Business Builder Membership — Access tools and resources designed to help entrepreneurs, retirees, side-hustlers, and small business owners start, manage, and grow a successful business.
• All Access Membership — Receive complete access to both memberships and our entire premium planning library.
Learn more at:
https://retirecoast.com/estate-planning-membership/
https://retirecoast.com/business-builder-membership/
https://retirecoast.com/all-access-membership/
💬 Have a question or a topic you'd like us to cover?
Email: [email protected]
...