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Preparing for Expiring and Sunsetting Tax Provisions in 2025
Rachel and Kristi focus this week's episode on the sunsetting tax provisions of the Tax Cuts and Jobs Act (#TCJA) of 2017 which are slated to go away at the end of the 2025 tax year.
We cover #business #tax topics like bonus depreciation, QBI, and the corporate rate which will not change with the TCJA sunset. On the personal or individual tax side, we cover the child tax credit, income tax brackets, the new standard deduction and the return of the personal exemption, and many of the itemized deduction changes like the SALT deduction and the mortgage interest changes.
The TCJA effectively doubled the estate tax exclusion in 2017. For 2024, the amount is $13.61 million per individual. In 2026, the exclusion will be cut roughly in half. This is a great planning opportunity!
Hosts: JamisonMoneyFarmer PC CPAs Rachel Taylor and Kristi Moore
We are having a general business conversation and we are human so not every detail, example, or exception might be an exact match to your circumstances or understanding, so please don’t hesitate to reach out for help or clarification.
Connect with Us:
Web: www.JMF.com
Email: [email protected]
Twitter: https://twitter.com/JMFCPAs
Phone: 205-345-8440
Subscribe:
YouTube https://www.youtube.com/channel/UCwrS6kH6DmmY0YZDzkye6fw/subscribe
Spotify https://open.spotify.com/show/6KpZxKIgBXYzJ71cNhi43Q
Apple https://podcasts.apple.com/us/podcast/the-jmf-advisors-show/id1646676935
View all episodes
By JMFRachel and Kristi focus this week's episode on the sunsetting tax provisions of the Tax Cuts and Jobs Act (#TCJA) of 2017 which are slated to go away at the end of the 2025 tax year.
We cover #business #tax topics like bonus depreciation, QBI, and the corporate rate which will not change with the TCJA sunset. On the personal or individual tax side, we cover the child tax credit, income tax brackets, the new standard deduction and the return of the personal exemption, and many of the itemized deduction changes like the SALT deduction and the mortgage interest changes.
The TCJA effectively doubled the estate tax exclusion in 2017. For 2024, the amount is $13.61 million per individual. In 2026, the exclusion will be cut roughly in half. This is a great planning opportunity!
Hosts: JamisonMoneyFarmer PC CPAs Rachel Taylor and Kristi Moore
We are having a general business conversation and we are human so not every detail, example, or exception might be an exact match to your circumstances or understanding, so please don’t hesitate to reach out for help or clarification.
Connect with Us:
Web: www.JMF.com
Email: [email protected]
Twitter: https://twitter.com/JMFCPAs
Phone: 205-345-8440
Subscribe:
YouTube https://www.youtube.com/channel/UCwrS6kH6DmmY0YZDzkye6fw/subscribe
Spotify https://open.spotify.com/show/6KpZxKIgBXYzJ71cNhi43Q
Apple https://podcasts.apple.com/us/podcast/the-jmf-advisors-show/id1646676935