Large standard tax deductions going away December 2024
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That's right. All of those benefits including lower taxes that came from the 2017 changes to the federal tax code are scheduled to revert back at the end of 2025. Unless Congress and the president do something about it.
That large standard deduction will be history. Everyone will pay much more in taxes if Congress does not reauthorize the 2017 tax law.
That doubling of the standard deduction will go away. The lowering of tax brackets, back to the old higher tax brackets, and much more. Benefits for small businesses will be gone.
Assuming that our dysfunctional government will not rise to the challenge, you need to take some actions with your CPA and financial advisor to put your financial house in order. There are things you can do to minimize the impact of the rollback. Listen as we discuss the topic.
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