The Tax Cuts and Jobs Act, which went into effect in 2018, overhauled the federal tax code.
The legislation roughly doubled the standard deduction, tweaked the individual income tax brackets and trimmed rates.
It also applied a $10,000 cap on the state and local tax deduction, and it nearly doubled the estate tax exemption.
Prepping for 2025 Investors can set up their portfolios for success heading into 2025, especially now that they still have some certainty on the tax climate for next year.
Eligible IRA owners can exclude up to $105,000 in QCDs from their taxable income in 2024.
Persons:
Donald Trump, Stephen Bigge, Rafia Hasan, you've, Hasan, Rachel Elson, it's
Organizations:
Republican, Keebler, Associates, Senate, Perigon Wealth Management, Internal Revenue, Moderna, Intel, that's
Locations:
Washington, Green Bay , Wisconsin, San Francisco, QCDs