Tax Moves to Consider Before the 2017 Tax Cuts Expire – Ask The Hammer: In this episode of “Ask the Hammer,” Jeffrey Levine from Buckingham discusses tax strategies in anticipation of the expiration of the 2017 tax cuts. Levine highlights that many changes in the individual income tax code, such as the higher standard deduction and the Qualified Business Income (QBI) deduction, are set to expire at the end of 2025. This expiration could lead to higher tax bills for most people in 2026.
Ask the Hammer: What Are Some Tax Moves To Consider Before the 2017 Tax Cuts Expire?
The 2017 Tax Cuts and Jobs Act is set to expire at the end of 2025, and Jeffrey “The Buckinghammer” Levine explains how you can take advantage of these benefits while they last.
In this installment of Ask the Hammer, a reader asks:
What are some tax moves to consider now before the 2017 cuts expire?
This reader is referring to the 2017 Tax Cuts and Jobs Act which is set to expire at the end of 2025. Levine explained that taxpayers should expect higher standard deductions, credit changes and elimination of the qualified business income deduction (QBI). These changes to enact in 2026 will likely raise tax bills for most people, which is why it is crucial to take advantage of the benefits while it is still possible. For instance, you can pool more income into current years while the deductions are still present. Another strategy to consider before the expiration date is pushing off certain deductions. Levine explained it might be advantageous to postpone deductions until after 2026 for a higher tax rate in the future.
Watch this episode for Tax Moves to Consider Before the 2017 Tax Cuts Expire or watch more episodes of Ask The Hammer on finStream TV at this link: https://www.finstream.tv/videos/ask-the-hammer/