The Tax Cuts and Jobs Act was revolutionary in what it did – spreading out tax brackets, lowering tax rates, and simplifying tax preparation for many.

However, many of these tax changes pertaining to individuals sunset at the end of 2025, so tax planning related to this is crucial. This video covers the big changes that will occur if TCJA sunsets without any government intervention:

• Itemized deductions and personal exemptions will resume
• Tax rates will revert to the previous, higher rates
• Child Tax Credit will decrease to the previous, lower rate
• QBID (for business owners) will be discontinued
• Significant decrease in Estate and Gift Tax exemption

Watch now for more information on how this may affect you, and how to be proactive in planning for these changes.

Today we break down some of the differences in tax policies and general tax strategy between Harris and Trump.

If you are looking for a more detailed non-partisan dive into where the 2024 candidates stand on taxes, check out https://taxfoundation.org/ You may also download this overview of the 2024 tax policies of the two major presidential candidates here: https://bit.ly/3Xj2GM1

Merry Christmas & Happy Holidays from Intrust CPA! In today’s video, Jon Sluis shares some end-of-year reminders and thoughts.

Specifically, what to remember before the year ends, student loan updates and some reminders for January 15th.