Episode 369 - The TCJA Sunset!

New Retirement Radio with Dennis Prout Podcast

Can anything in the tax law sunset? Yes it can! The Tax Cuts and Jobs Act of 2017, which included several major changes and provisions in the tax code, will see a majority of those changes sunset after 2025. For some, this will mean a tax increase. For others (depending on what, if anything, Congress might do), this may not mean much of anything. Unless the package from 2017 is extended, several changes will occur. First, the standard deduction will get cut in half. Next, individual tax rates will increase when the current rates sunset on December 31, 2025. How do we respond, when in essence, we’re looking in a mirror darkly?

That is the question today’s show will deal with. If we anticipate that rates will increase, what (if anything) should we do now? What planning activities could we undertake rather safely and still profit and perhaps understand more of our options? We hope to answer these and any other questions with the help of Traverse City CPA, Jon Sluis. We look forward to a lively discussion and hope you can join us!

Tune in and take control!