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Tax Cuts and Jobs Act Expiration: How Badly Are You Going to Be Hit?

Tax Cuts and Jobs Act

Are you prepared for the potential fallout when the Tax Cuts and Jobs Act (TCJA) expires? At CQ Consulting Services, we're here to shed light on the implications of this expiration and help you navigate the impending changes with confidence.

The TCJA, enacted in 2017, brought significant tax cuts and reforms, impacting individuals, businesses, and the economy as a whole. However, many of these provisions are set to expire in the coming years, raising concerns about the long-term impact on taxpayers.

Individual Taxpayers: Brace for Impact

For individual taxpayers, the expiration of key TCJA provisions could result in higher tax bills and reduced tax savings. The TCJA lowered individual tax rates, increased the standard deduction, and expanded certain tax credits. However, these changes are temporary, with many scheduled to revert to pre-TCJA levels by the end of 2025.

As a result, taxpayers may face higher tax liabilities and decreased tax refunds in the future. Additionally, changes to itemized deductions, including the state and local tax (SALT) deduction, could further impact taxpayers in high-tax states.

Businesses: Prepare for Uncertainty

Businesses also face uncertainty as they navigate the expiration of TCJA provisions. The TCJA introduced a host of business tax cuts and incentives, including a lower corporate tax rate, expanded bonus depreciation, and a qualified business income deduction for pass-through entities.

With these provisions set to reset, businesses may need to reassess their tax planning strategies and prepare for potential tax increases. Planning for the expiration of the TCJA requires careful consideration of business structure, tax credits, and investment decisions to minimize tax exposure and maximize after-tax profits.

Navigating the Changes with CQ Consulting Services

At CQ Consulting Services, we understand the challenges posed by the expiration of the TCJA and the need for tax planning strategies that you won’t get from your everyday CPA. Our team of tax experts specializes in developing customized solutions to help individuals and businesses adapt to changing tax laws and optimize their tax positions.

From exploring alternative tax-saving strategies to leveraging credits and incentives, we'll work with you to mitigate the impact of TCJA expiration and position you for success in the evolving tax landscape. Our proactive approach to tax planning ensures that you stay ahead of the curve and make informed decisions that protect your financial well-being.

Don't let the expiration of the TCJA catch you off guard. Contact us today to schedule a consultation and learn how CQ Consulting Services can help you navigate the changes ahead with confidence. Together, let's chart a course for tax success in the post-TCJA era.

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