05/14/2025
๐๐ถ๐ด ๐ง๐ฎ๐
๐๐ต๐ฎ๐ป๐ด๐ฒ๐ ๐ ๐ฎ๐ ๐๐ฒ ๐๐ผ๐บ๐ถ๐ป๐ด: ๐๐ฒ๐ ๐ฃ๐ฟ๐ผ๐ฝ๐ผ๐๐ฎ๐น๐ ๐๐ผ๐๐น๐ฑ ๐๐ฒ๐ป๐ฒ๐ณ๐ถ๐ ๐๐๐๐ถ๐ป๐ฒ๐๐ ๐ข๐๐ป๐ฒ๐ฟ๐, ๐ฅ๐ฒ๐ฎ๐น ๐๐๐๐ฎ๐๐ฒ ๐๐ป๐๐ฒ๐๐๐ผ๐ฟ๐, ๐ฎ๐ป๐ฑ ๐๐น๐ผ๐ฟ๐ถ๐ฑ๐ฎ ๐ฅ๐ฒ๐๐ถ๐ฑ๐ฒ๐ป๐๐
Congress is working on a new tax package that could offer meaningful opportunities for individuals with complex tax profiles โ particularly Small Business Owners, Real Estate Investors, and taxpayers who receive K-1s from pass-through entities.
๐๐ถ๐ด๐ต๐น๐ถ๐ด๐ต๐๐ ๐๐ป๐ฐ๐น๐๐ฑ๐ฒ:
๐ฐ ๐ญ๐ฌ๐ฌ% ๐ฏ๐ผ๐ป๐๐ ๐ฑ๐ฒ๐ฝ๐ฟ๐ฒ๐ฐ๐ถ๐ฎ๐๐ถ๐ผ๐ป ๐๐ต๐ฟ๐ผ๐๐ด๐ต ๐ฎ๐ฌ๐ฎ๐ต
(Yes, this would allow you to fully expense new equipment, improvements, and certain real estate assets)
๐ ๐ค๐๐ ๐ฑ๐ฒ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป ๐ถ๐ป๐ฐ๐ฟ๐ฒ๐ฎ๐๐ถ๐ป๐ด ๐ณ๐ฟ๐ผ๐บ ๐ฎ๐ฌ% ๐๐ผ ๐ฎ๐ฏ%
This would offer more tax savings for real estate investors, sole proprietors, and owners of pass-through entities such as S-Corps and Partnerships.
๐ ๐ฆ๐๐๐ง ๐ฐ๐ฎ๐ฝ ๐ฟ๐ฎ๐ถ๐๐ฒ๐ฑ ๐๐ผ $๐ฏ๐ฌ,๐ฌ๐ฌ๐ฌ
The State and Local Tax (SALT) deduction cap could increase from $10,000 to $30,000 for joint filers. Even in states like Florida with no income tax, this matters: property values and taxes have increased substantially since the 2017 Tax Cuts and Jobs Act. As a result, many Floridians now pay more than $10,000 per year in property taxes and have been limited on what they can deduct when itemizing.
๐งพ ๐ฃ๐ฒ๐ฟ๐บ๐ฎ๐ป๐ฒ๐ป๐ ๐ฆ๐๐ฎ๐ป๐ฑ๐ฎ๐ฟ๐ฑ ๐๐ฒ๐ฑ๐๐ฐ๐๐ถ๐ผ๐ป ๐๐ป๐ฐ๐ฟ๐ฒ๐ฎ๐๐ฒ๐
The expanded standard deduction would be made permanent, maintaining simplified filing for many taxpayers.
๐ข๐๐ต๐ฒ๐ฟ ๐ป๐ผ๐๐ฎ๐ฏ๐น๐ฒ ๐ฝ๐ฟ๐ผ๐๐ถ๐๐ถ๐ผ๐ป๐:
โข Increased child tax credit
โข Continued elevated estate tax exemption
โข Tip and overtime pay tax relief through 2028
โข Interest deduction on loans for U.S.-assembled vehicles
๐ช๐ต๐ ๐ง๐ต๐ถ๐ ๐ ๐ฎ๐๐๐ฒ๐ฟ๐ ๐ณ๐ผ๐ฟ ๐ฌ๐ผ๐:
If passed, this bill opens the door to strategic tax planning for investors, business owners, and higher net worth indivduals engaging in estate planning decisions. Whether you're already working withโor considering working withโa tax professional, these changes offer real potential for savings and optimization.
๐ฒ Want to understand how these updates could affect your tax strategy in 2025 and beyond? Reach out and Letโs talk.
