As the year comes to a close, don't assume Congress will take action between now and the end of 2025 to maintain current tax rates. Review the impact of tax laws in effect prior to 2017, and consider whether you need to make changes in order to minimize your income taxes and potential estate taxes.
Are you worried about how much taxes you'll owe in retirement? Don't be! In this video, we'll show you 3 brilliant ways to reduce taxes in retirement so you can enjoy your golden years without worrying about the IRS.
In 2017, significant changes were made to the tax code that impacted income tax rates, standard deduction and estate taxes. Many of these changes will sunset at the end of 2025 unless Congress passes new legislation. So, it is important for families to consider what changes, if any, they should make.
In 2017, income tax rates were reduced for most taxpayers. If Congress takes no action, tax rates will go back to the levels that existed prior to 2017. Because of this uncertainty, there are some actions you should consider.
As the year comes to a close, don't assume Congress will take action between now and the end of 2025 to maintain current tax rates. Review the impact of tax laws in effect prior to 2017, and consider whether you need to make changes in order to minimize your income taxes and potential estate taxes.
