Many taxpayers and investors have enjoyed the lower tax brackets brought about by the Tax Cuts and Jobs Act ("TCJA"). However, the current tax brackets are expected to change at the end of 2025 when the TCJA sunsets. Are you prepared for this?
This checklist and advice from your financial professionals can help ensure that you make the most of your tax planning goals and needs. It covers essential tax planning factors to consider before and after the TCJA sunset provision occurs, such as:
The effect on your budget and cash flow.
Potential changes to your retirement contribution strategy.
Proactive planning strategies regarding required minimum distributions (RMDs) and selling other taxable assets.
Business owner considerations regarding purchases and the Section 199A QBI deduction.
Estate planning and gifting strategy considerations.
How portfolio allocations might change after the sunset provision occurs.
Please download this checklist courtesy of The Real Estate Whisperer Financial Planning. If you know someone who could use assistance with their personal financial plan, keep us in mind.