Tax Topic 9
Saving Taxes by Being Proactive
The Tax Cuts and Jobs Act of 2017 has significant tax reductions expiring after the 2023 tax year.
Since 2017, Congress has not acted on making these permanent. We do not expect any actions on this until after the 2024 Presidential Elections.
You should be aware and take preventative actions to reduce the impact of:
- Increased personal taxes
- If unchanged estate taxes will again be imposed on the middle-class taxpayer
- Small business income taxes will increase by 20%
- Expensing of business assets will be greatly impacted
- The financial choices of IRA or ROTH IRA contributions and conversions will need to be rethought
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