Confused about the expiring tax cuts from the 2017 Tax Cuts and Jobs Act?
Download our "TCJA Sunset Comparison Guide" to see many of the changes in one easy place:
- Individual Tax Brackets: The current tax brackets may revert to pre-TCJA levels, potentially raising taxes for some.
- Standard Deduction: The generous standard deduction might shrink, impacting those who don't itemize deductions.
- State and Local Tax Deduction Cap: The limit on deducting state and local taxes could go away, decreasing tax bills for residents of high-tax states.
- Estate Tax Exemption: The doubled estate tax exemption could be reduced, affecting how much wealth you can pass tax-free.
- Business Provisions: Several benefits for businesses, like the Qualified Business Income Deduction, might be scaled back.