Tax Planning for the Tax Cuts & Jobs Act Sunset

2024-05-07

In this episode of 'Keep It Simple,' the team discusses strategies for tax planning in anticipation of the expiring provisions of the Tax Cuts and Jobs Act of 2017, set to phase out by the end of 2025. Joined by advisors Adam Morris, Janet Griffith, and Joey Badinger, they explore potential changes in tax rates, deductions, and credits, emphasizing the need for individuals and businesses to plan ahead. The discussion extends to the implications for estate and gift taxes, and the episode offers insights into making strategic decisions to optimize tax positions. The advisors remind ...

Joined by advisors Adam Morris, Janet Griffith, and Joey Badinger, they explore potential changes in tax rates, deductions, and credits, emphasizing the need for individuals and businesses to plan ahead. The discussion extends to the implications for estate and gift taxes, and the episode offers insights into making strategic decisions to optimize tax positions. The advisors remind listeners that while they are not tax professionals, their insights aim to prompt thoughtful consideration and consultation with tax experts.

Key topics include maximizing tax brackets, leveraging charitable donations, understanding the shifting landscape of deductions, and the importance of early planning for estate taxes.

00:34 Special Topic: Tax Planning for the Tax Cuts and Jobs Act of 2017

01:09 Understanding the Sunset of Tax Provisions

04:08 Strategies for Tax Optimization Before 2026

12:25 Estate and Gift Taxation Changes

14:11 Long-Term Tax Planning Strategies

23:31 Utilizing Capital Gains and Loss Harvesting

26:35 Conclusion and Next Steps

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