Now is the time to understand how the sunsetting of the TCJA in 2025 may impact your financial strategy.
There’s a mixed bag of changes on the horizon – some considered favorable, others perhaps less so. 🙌 Here’s an example.
NOW: The State and Local Tax Deduction (SALT) is currently capped at $10,000 annually.
In 2025: There may be no cap for deducting state and local taxes, but deductions are expected to be phased out at higher income levels ($313,800 for couples)
Remember, tax rules can change without notice, and there is no guarantee that the treatment of certain rules will remain the same. This post is not intended as real-life advice, so you may want to review any specific questions about the TCJA with a tax, legal, or accounting professional. FMG created this content to provide insights into a topic and is not affiliated with a broker-dealer or investment advisory firm.
If you’d like to learn more about the potential tax and estate implications for your family, connect with us anytime.