Windes is committed to helping you maximize your income through a variety of tax-saving strategies. With changes to federal tax laws impacting businesses and individuals, there are a number of tax developments to consider for the current tax year and beyond.
Due to tax legislation enacted several years ago, bonus depreciation is being phased out. The federal bonus depreciation has been reduced to 60% for 2024 and 40% for 2025 (see page 13).
The Tax Cuts and Jobs Act (TCJA), enacted in 2017, is set to expire at the end of 2025. Unless Congress acts, the following items will revert to pre-TCJA levels:
- Individual income tax rates
- Standard deduction
- State and Local Tax (SALT) deduction limitation
- Child tax credit
- Estate tax exemption