Unfiled taxes will ruin your business!!
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How a New President Could Reshape U.S. Tax Policy for 2025
Taxes may not be the first thing on your mind after a presidential election, but a new administration can bring sweeping changes to tax policies. With the 2017 Tax Cuts and Jobs Act (TCJA) set to expire at the end of 2025, the stakes for tax reform are high. From income tax rates to corporate tax cuts and tariffs, the direction a new president takes could have significant implications for individuals and businesses alike. The Expiration of the TCJA and Its Potential Renewal The TCJA was the most comprehensive tax reform in decades, introducing lower tax rates for individuals and corporations and increasing the standard deduction. However, many of its provisions, including individual tax rate cuts and the expanded child tax credit, are set to expire after 2025. A new president may seek to extend, modify, or let these provisions lapse depending on their administration's fiscal priorities. For taxpayers, this could mean changes in their tax brackets, deductions, and overall liabiliti...
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