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
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A new tax year arrives on Saturday, and with it new tax rules and thresholds: Evelyn Partners' Henrietta Grimston helps the DailyMail/Thisismoney to pick apart the changes and what they mean for households... https://lnkd.in/eBSx7CpH Jason Hollands Emma Sterland #tax #taxplanning #financialplanning
What's changing in the new tax year?
dailymail.co.uk
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Predicet and Save Thousands in 2024 - Here's How: As we hit the halfway mark of the year, it’s the perfect time to do your Tax Projection. Tax projections help you figure out how much you’ll owe and what you need to pay in estimated taxes. This is crucial even if you’re salaried because changes like new RSUs can affect your withholdings. Nearly 10 million taxpayers incur penalties each year for underpayment. Implementing tax strategies now can optimize your finances and help avoid penalties. For instance, if your marital status changed, your tax bracket might shift, affecting your deductions and credits. Have questions about tax projections? Drop us a DM and connect NOW! And don’t forget to share this with someone who may need it! #taxtips #taxes
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Currently, there are seven different income tax rates: 10%, 12%, 22%, 24%, 32%, 35%, and 37%. These marginal rates are tied to inflation-adjusted federal income tax brackets. Chapter 25 of the project's “Mandate for Leadership,” states, “The Treasury should work with Congress to simplify the tax code by enacting a simple two-rate individual tax system of 15 percent and 30 percent that eliminates most deductions, credits and exclusions.” The Project 2025 playbook suggests that the 30% tax rate should begin “at or near the Social Security wage base,” currently $168,600. Some question whether a two-rate system would lead to a loss of federal revenue. -Kiplinger
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📊 Breaking Down the New Income Tax Slabs 💼 The government has announced updated income tax rates. Here's a quick summary: No tax for income up to ₹3 lakhs 5% tax for ₹3-7 lakhs 10% for ₹7-10 lakhs 15% for ₹10-12 lakhs 20% for ₹12-15 lakhs 30% for income above ₹15 lakhs 📌 Key points: Employees earning up to ₹17,500 won't need to pay income tax Standard deduction raised from ₹50,000 to ₹75,000 What are your thoughts on these changes? How will they impact your financial planning? #IncomeTax #FinancialPlanning #TaxReform #IndianEconomy
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I think I'm starting to see some logic in the DK tax strategy. What did that great economist Ronald Reagan say? "If you want more of something, subsidize it; if you want less of something, tax it." After years of refining their methods of player valuation, here comes the tax side of that. The net result should be a tax on low-hold markets such as straight bets, while the tax may be lowered (or waived) for SGP and longshot parlays. If you are identified as a sharp player, the tax probably goes up even higher on your $12 limited wagers. If you are seen as a valuable patron, not only does the tax get limited but the boosts and other incentives probably increase. A basic economic strategy they might have felt was hard to justify but they get to use the cover of these high-tax states.
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"***Are you prepared for the (potential) end of the Tax Cuts and Jobs Act?*** Unless renewed, the current tax bill is set to expire at the end of 2025. This next election will likely set the stage for how your money is taxed for years to come. Don't be left behind wondering what happened. It's important to be aware of the implications NOW. Here's a link to a well-written and non-biased article with a crash course in everything you need to know: https://lnkd.in/g4pNkt2i... Give me a holler if you want to discuss how these proposed taxation changes might affect you and your hard-earned nest egg. #AnnuityProducers #GarrettBurrow #Annuities #Taxes
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In a recent press conference, the White House announced its intention to 𝗮𝗹𝗹𝗼𝘄 𝗧𝗿𝘂𝗺𝗽-𝗲𝗿𝗮 𝘁𝗮𝘅 𝗰𝘂𝘁𝘀 𝘁𝗼 𝗲𝘅𝗽𝗶𝗿𝗲... This means that after a period of historic lows, 𝘁𝗮𝘅 𝗵𝗶𝗸𝗲𝘀 are likely set to impact American wallets! 👀 But there's still time! These changes 𝘄𝗼𝗻'𝘁 𝘁𝗮𝗸𝗲 𝗲𝗳𝗳𝗲𝗰𝘁 𝘂𝗻𝘁𝗶𝗹 𝘁𝗵𝗲 𝗲𝗻𝗱 𝗼𝗳 𝟮𝟬𝟮𝟱, leaving us with a valuable window of opportunity! At Retire𝐒𝐈𝐌𝐏𝐋𝐘™, we're here to help you 𝗺𝗮𝗸𝗲 𝘁𝗵𝗲 𝗺𝗼𝘀𝘁 𝗼𝗳 𝘁𝗵𝗶𝘀 𝘁𝗶𝗺𝗲. Our team can guide you through strategies to optimize your tax situation and protect your hard-earned savings. 🛡 Now is the perfect moment to act and secure your financial future! See my 𝗹𝗶𝗻𝗸 𝗶𝗻 𝗯𝗶𝗼 to get in touch today! #taxes #taxplanning #retirement Many tax cut provisions contained in the Tax Cut Jobs Act, including temporary individual income tax cuts, are scheduled under the law to automatically expire on 12/31/25 unless Congress enacts new legislation.
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https://1l.ink/K3HT85B The Tax Foundation highlights that extending the TCJA provisions could cost $4.2 trillion over the next decade. However, if these provisions expire, 62% of filers might see a tax increase. This op-ed provides a deep dive into the potential economic impacts and policy priorities that could shape the future.
The Tax Stakes for 2025 | Op-Ed
https://taxfoundation.org
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https://1l.ink/K3HT85B The Tax Foundation highlights that extending the TCJA provisions could cost $4.2 trillion over the next decade. However, if these provisions expire, 62% of filers might see a tax increase. This op-ed provides a deep dive into the potential economic impacts and policy priorities that could shape the future.
The Tax Stakes for 2025 | Op-Ed
https://taxfoundation.org
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On April 30, U.S. Treasury Secretary Janet Yellen told the House Ways and Means Committee that “no family earning less than $400,000 will face a tax hike” under President Biden’s proposed budget. Yellen testified in front of the committee about a variety of tax issues (domestic and international), as a battle is brewing in Congress over which of the expiring tax provisions of the Tax Cuts and Jobs Act (TCJA) will be renewed. According to the Joint Committee on Taxation, renewing all the tax provisions for another 10 years will cost approximately $3 trillion. Two specific tax credits legislators discussed at the hearing were the Child Tax Credit and the Earned Income Tax Credit. Stay tuned. Consider utilizing marketplaces like IfindTaxPro. You can post your project and find the right specialist to help you: https://bit.ly/4aalyRP #TaxPolicy #BidenBudget #TaxCredits
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