If you have experienced a major life event, for instance retirement, marriage, divorce, birth of a child, change in personal or business income, sale of property, etc., contact us to identify time-sensitive tax-savings opportunities for 2024 and perhaps 2025, as well.
As we mentioned in August, the Tax Cuts and Jobs Act of 2017 (TCJA) is set to expire at midnight on December 31, 2025. If this happens, your tax bracket and available deductions will be impacted.
Potential implications for taxpayers include:
- The increased standard deduction would disappear; you could need to itemize again.
- Tax rates would revert to their 2017 rates for all tax brackets.
- Child tax credits change.
- W-2 employees working from home could resume tax deductions for home office and travel expenses.
- Homeowners would be able to deduct mortgage interest up to $1M (up from $750K).
Let us help make your life #LessTaxing!