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That's right. All of those benefits including lower taxes that came from the 2017 changes to the federal tax code are scheduled to revert back at the end of 2025. Unless Congress and the president do something about it.
That large standard deduction will be history. Everyone will pay much more in taxes if Congress does not reauthorize the 2017 tax law.
That doubling of the standard deduction will go away. The lowering of tax brackets, back to the old higher tax brackets, and much more. Benefits for small businesses will be gone.
Assuming that our dysfunctional government will not rise to the challenge, you need to take some actions with your CPA and financial advisor to put your financial house in order. There are things you can do to minimize the impact of the rollback. Listen as we discuss the topic.
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Disclaimer: This podcast is for informational purposes only. It should not be taken as financial, tax, or legal advice. Please consult a professional before making financial decisions.
Keywords: Big Beautiful Bill 2025, Social Security changes, retirement taxes, small business incentives, retirement planning, Medicare and seniors, financial security in retirement, small business growth strategies.
