March 18, 2025
As the Tax Cuts and Jobs Act approaches its scheduled expiration at the end of 2025, taxpayers are increasingly concerned about potential changes to their tax liabilities.
In a recent Bankrate article, Founding Partner Jason Wiggam shared his insights on the likelihood of extending key provisions. He expects Congress to extend a significant portion of the law, particularly the near-doubling of the standard deduction, which he believes will continue beyond 2025.
The article also examines other expiring provisions, including the expanded child tax credit and the $10,000 cap on state and local tax deductions. While the future of these provisions remains uncertain, experts say the current Republican-led Congress may favor extending many of them. Taxpayers should stay informed about legislative developments to understand how potential changes may affect their financial planning.
Access the full article in Bankrate here.
