Significant portions of the current tax code are set to expire at the end of 2025, and while legislation is being considered in Washington, it’s unclear what the outcome will be. What is clear is that waiting until 2026 to plan could limit your options.
Now is a good time to begin thinking about how new legislation could affect you—especially if any of the following apply:
A raise, job change, or business growth could put you in a higher tax bracket. Without new legislation, tax rates will increase.
If the recent increased standard deduction is not preserved, more taxpayers may revert to itemizing deductions such as state and local taxes, mortgage interest and charitable contributions.
The current estate tax exemption is historically high, but if the current exemption is allowed to expire, gifting strategies may be worth exploring.
The future of certain business deductions is uncertain. Understanding which of these deductions relate to you may be helpful.
While no one knows exactly what the changes will be, proactive discussions can help you prepare.
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