Garrett Burrow, CLTC • RSSA’s Post

💼 The upcoming Autumn Budget 2024 could bring major tax changes for businesses and workers. From potential NIC increases to Capital Gains Tax hikes, are you ready for what’s coming? I delve into some of the potential changes. 🔍➡️ https://lnkd.in/eQG_mBvM #AutumnBudget2024 #TaxHikes #BusinessTax #NIC #FinanceNews

Yesterdays Spring Statement outlined the Conservative Party’s strategy to focus on tax cuts to incentivise workers and parents, with a complementary increase in taxes elsewhere to balance the budget. We’ve put together our key takeaways including all of the Tax Cuts, Freezes and Increases here https://lnkd.in/eB2f3iqu #selfassessment #soletrader #selfemployed #capitalgains #income #springbudget2024

Curious about the Stage 3 Tax Cuts? We've simplified the jargon to show you how these changes could benefit you. So whether you're just starting out or a top earner, check out your potential savings here: https://lnkd.in/gyEwTdzG #ClarityTaxation #TaxCuts #FinanceTips

IRS tax brackets for 2025 have dropped, which also includes updates to the estate tax exemption (up to $13.99M) and the separate limit on tax-free gifts (up to $19k). This means donors who could be impacted by potential changes to tax legislation next year may be thinking about #estateplanning. Learn more in this WSJ article:

"The call to 'Tax the rich!' echoes loudly, yet its implications warrant deeper reflection. Consider these inquiries Do you perceive yourself as affluent? How do you define wealth? Who determines the parameters of wealth, and where do they delineate? Asking these questions, one may realize that 'taxing the rich' isn't as straightforward as presumed. Furthermore, the government's definition of wealth, often tied to tax brackets, may surprise many with its relatively low thresholds. This begs the question: Where does it cease? When does the government stop its escalations of tax rates? Let me know what you think about “taxing the rich” in the comments below #tax #taxes

📈 In the first six months of 2024, the Exchequer’s income tax yield reached €16.7 billion, driven by a large workforce. 💸 In Budget 2025, workers — especially those in the ‘squeezed middle’ — expect tax relief to combat ongoing cost-of-living pressures. 💼 How will the Minister for Finance address these expectations? And what are the anticipated changes in income tax rates and bands? 👥 Find out more from Doone O'Doherty in our Personal Tax insight: https://bit.ly/3XkaH3g. #Budget2025 #PersonalTax

Uncertainty is still the order of the day... The 2024 election season is finally over. We now know who will be leading the country over the next four years. Uncertainty about leadership has now become uncertainty about policy implementation. Lots of campaign promises that affect your finances have been made -- from not taxing tips for workers to repealing the $10,000 cap on state and local tax deductions. Even with the trifecta majority in the three branches of government, the new administration will still have an uphill battle enacting most of the desired legislation, while being able to pay for that legislation, and not derailing the ongoing effort to reduce inflation. To help stay aware of these changes, please continue to follow me here. To get more in-depth advice about how to minimize your tax obligations in light of this ongoing uncertainty, reach out to our office, where our trained professionals can help you figure out the best path forward. #Heretohelp #IRS #taxes #taxreform #taxplanning

I love a good sunset but I hate tax sunsets. Unfortunately, the sun is setting on the The Tax Cuts & Jobs Act. With current tax laws set to expire, many could face higher rates in the near future. A little planning could help. Because I have a plan, by October 1st of every year, I know what assets I need to buy, sell or re-arrange in order to CONTROL the tax I pay. Sunset or no sunset. That's just how I roll. You can do that too if you have a plan. Don't wait until it gets dark outside. Get a plan while there's still light to see your way around. #Taxes #Investing #Planning

The federal estate and gift tax exemption will rise to $13.99 million for 2025, up from $13.61 million in 2024, and the gift tax annual exclusion amount will rise to $19,000 per donee in 2025. As we all await the results of the federal elections next month, you should consider what planning and gifting strategies you might be inclined to undertake now if it appears the tax laws will change in the near future. #tax #estateplanning

Be Proactive About Future Tax Changes The sunset of The Tax Cuts and Jobs Act in 2026 could bring significant changes to individual income tax rates, estate and gift tax exemptions, and more. Don't wait until it's too late. Now is the time to start planning with your financial professional to ensure you're prepared for potential impacts. Read more about what these changes could mean for you and how to prepare. https://bit.ly/4e4jnC4