President Trump has now signed into law his highly anticipated tax bill. This is a massive piece of legislation at over 940 pages. It took the House and Senate nearly six months to slog through all the details to get it passed, and we will spend the next couple of months dissecting tax related pieces for our readers.
Greetings, Lynn Spencer here from Killingsworth Spencer, LLC. Below are highlighted OBBBA tax bill topics, that will affect income taxes beginning in 2025; I will endeavor to post details for each reform topic each week. Please check out Killingsworthspencerllc.com/latest-news/ each week to discover more about how the OBBBA tax provisions may affect you.
- Permanent extension of TCJA 2017 – individual tax rates and brackets
- Increased standard deduction
- Increased Child Tax Credit
- EV and Solar Tax Credits will expire in 2025
- No taxes on tips or overtime
- Tax relief for seniors
- SALT – State and Local Tax deductions are temporarily quadrupled
- Qualifying Business Income – QBI – Section 199A made permanent
- Real estate tax incentives
- Auto loan deductions – are back!
- Immediate expensing for certain industrial structures
- Baby Bonds
- Reduction in gambling loss deductions
- Permanent increase of Estate & Gift Tax Exemption
- Business Interest Deductibility
- Qualified Small Business Stock
- Opportunity Zones
- Limitations on Excess Business Losses
Killingsworth Spencer is here to help our clients fully understand their options to save taxes today and in the future. We have CPAs, Enrolled Agents and Bookkeepers on staff to help our clients with any tax-related issues. For more information or to schedule an appointment, please call us at 770-552-8286. Visit us at www.killingsworthspencerllc.com
- Disclaimer: This post is for general information only and should not be taken as legal or financial advice.