As President-elect Trump advocates for extending his 2017 tax cuts, Baker Tilly's Duncan Campbell, CPA, shared with CBS News that while the TCJA extension could bring stability, there’s a chance tax provisions may revert to pre-TCJA levels by 2026. What does this mean for you? ▹ Higher-income Americans may see significant changes. ▹ Small business owners should brace for the possible expiration of the 20% business income deduction. To avoid surprises, Campbell advises planning now—especially if you're looking to take advantage of tax-saving opportunities before they expire. "Prepare as if everything is sunsetting," he said. Read more: https://cbsn.ws/4gggmQ4 #Tax #TCJA
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The IRS is reminding taxpayers that they have options if they can’t pay their tax bills in full. The tax agency advises these individuals to file their returns by the deadline, pay what they can and explore payment options for the balances. The IRS offers short- and long-term plans. The former is offered if the balance owed is less than $100,000 in combined tax, penalties and interest. The taxpayer has up to 180 days to pay the balance in full. The latter is offered if the total balance owed is less than $50,000 in combined tax, penalties and interest. The taxpayer has up to 72 months to pay the balance in full. For more details: https://bit.ly/3XBLRh9 Contact us about how to proceed: https://bit.ly/3jcyo8o #tax #taxes #federaltax #taxreturn #taxpayer #taxbill #irs #taxdeadline #cg #cgtaxauditadvisory
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As we head into the last weekend before the April 15th tax filing deadline, this Bloomberg article highlights some issues to be aware of this filing season. Appreciate Suzanne Woolley for including me in this piece. #taxplanning #wealthmanagement #tax #highinterestrate https://shorturl.at/oqH05
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The 2017 Tax Cuts and Jobs Act was the most substantial overhaul of the individual tax code since 1986. What most Americans don’t realize is that many rules in the federal tax code will expire at the end of 2025. TCJA made seven major changes for individuals/households, including rates, personal exemptions, the standard deduction, and the child tax credit. It also made eight large changes to businesses, including the corporate tax rate and pass-through deduction. But what do those changes mean? And how could they impact you and/or your business? For help navigating complex tax policy in the U.S., we created an online hub with a 10-part series on TCJA impacts for individuals/households and businesses. Our explainers cover the impact of these changes by area, so you can easily find information about these major policy changes and their impact. https://bit.ly/4c5neg6 #Bipartisan #TCJA #Tax
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📣 Important tax updates! The IRS has announced the 2025 income tax brackets and standard deductions. Here’s what you need to know: 🔹 New limits and thresholds mean potential savings when you file in 2026. 🔹 Adjustments help prevent ‘bracket creep,’ ensuring you keep more of your hard-earned money. Curious how these changes affect you? At Fates, Bodily, and Parker, we’re here to guide you through your tax planning. Let's make the most of these updates together! fbpcpa.com #taxes #taxtips #taxreturn #IRS
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With Donald Trump’s anticipated return to the White House, tax policy changes are back in the spotlight, with key provisions from the 2017 Tax Cuts and Jobs Act on the table. Baker Tilly’s Kasey Pittman outlines potential changes, including the R&D deduction, which has broad bipartisan support but faced hurdles in the Senate earlier this year. Differing views on the Child Tax Credit may also influence the policy landscape, as parties remain divided on credit amounts and refundability. Read more in Accounting Today: https://bit.ly/3YUxwws #Tax
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If you are wondering what the new administration means for taxes, join Kasey Pittman from Baker Tilly US for insight on what to expect.
With Donald Trump’s anticipated return to the White House, tax policy changes are back in the spotlight, with key provisions from the 2017 Tax Cuts and Jobs Act on the table. Baker Tilly’s Kasey Pittman outlines potential changes, including the R&D deduction, which has broad bipartisan support but faced hurdles in the Senate earlier this year. Differing views on the Child Tax Credit may also influence the policy landscape, as parties remain divided on credit amounts and refundability. Read more in Accounting Today: https://bit.ly/3YUxwws #Tax
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Tax Principal at Baker Tilly Advisory Group, Real Estate and Construction Group
It will interesting what this means for the real estate industry. Extension of 2017 tax act, bonus depreciation, correction of 163j interest limits etc.?
With Donald Trump’s anticipated return to the White House, tax policy changes are back in the spotlight, with key provisions from the 2017 Tax Cuts and Jobs Act on the table. Baker Tilly’s Kasey Pittman outlines potential changes, including the R&D deduction, which has broad bipartisan support but faced hurdles in the Senate earlier this year. Differing views on the Child Tax Credit may also influence the policy landscape, as parties remain divided on credit amounts and refundability. Read more in Accounting Today: https://bit.ly/3YUxwws #Tax
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Top 1% of Tax Strategists in the USA, MTax, CTC, CTP, CTS. Specializing in Business Tax Strategy & Real Estate | Saved over $1.68 BILLION in taxes.
Join us live as we dive into the latest tax proposals from President-elect Trump! We’ll cover the potential changes that could reshape tax planning for individuals and businesses alike. From extending the 2017 tax cuts to new deductions, child tax credit boosts, and even changes to Social Security taxes, we’ll explore how these promises might impact your finances. Whether you're a business owner, taxpayer, or simply curious about what’s ahead, this session will provide insights and answers to your top questions on tax strategies under the new administration. Get ready to learn how you can navigate these changes and make the most of the upcoming opportunities. #TrumpTaxPlan #TaxStrategy #2025TaxChanges #BusinessTaxes #TaxCuts2025 #LiveTaxUpdate #TaxPlanning #CorporateTaxes #SocialSecurityTax #ChildTaxCredit #FinancialPlanning #WealthPreservation #TaxUpdates #TaxGoddess #IncomeTax
Breaking Down Trump’s New Tax Promises: What to Expect for 2025 and Beyond!
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The Gift Tax And The Tax Gap, 182 Tax Notes Fed. 1047 (Feb. 5, 2024) https://bit.ly/4c00Q9k by Jay A. Soled (Rutgers University) #tax #taxlaw #taxpolicy
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Time is running out on tax cuts implemented by the Trump administration, scheduled to expire next year. This could lead to a series of potential tax increases affecting many Americans. ✅Read more: https://lnkd.in/gb2rBb87 #tax #finance
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