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Astoria Strategic Wealth

Tax Planning for the Years Ahead - Sunsetting Trump Tax Laws?

With the first deadline (April 18th) of tax season quite recently behind us and tax payments on top of mind, we offer these reminders of potential tax increases looming in just two years.

The Tax Cuts and Jobs Act (TCJA - aka Trump Tax Laws) which was passed in 2017, and went into effect in 2018, is set to expire at the end of 2025. We have compiled a list of the most notable sunset provisions to keep in mind including Estate and Gift Tax, The Child Tax Credit, Mortgage Interest Deduction, and more. Preparing early and working with a team of advisors including your financial planner, and the team that surrounds them (tax professional, estate attorney, insurance professional, etc.) to proactively plan for these changes may have a material effect on your wealth.