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
We have highlighted key considerations in this year’s guide, but keep in mind that this resource is intended to provide broad suggestions only. There is no substitute for the guidance of your Windes advisor, who keeps your specific needs in mind. We look forward to working with you to review the details of your tax situation and assess the impact of recent and potential changes.
Connect with us today so we can help you determine the best strategy for your future.
