Ed Zollars Tax Series

A key issue for the upcoming Congress is addressing the expiration of provisions from the 2017 Tax Cuts and Jobs Act (TCJA). This uncertainty poses tax planning challenges, with potential actions required for 2025 returns. This course will review the provisions scheduled to leave the law, planning actions for the changes and the risks of taking those actions without knowing the final resolution of the matter.

Highlights

Explore the expiring TCJA provisions, the planning strategies needed for these changes and the risks of acting amidst congressional uncertainty, including:

• The end of the Section 199A deduction for passthrough income
• Removal of the $10,000 cap on deductions for state and local taxes
• The return of tax rates on ordinary income for individuals to their pre-TCJA levels
• Reduction of the standard deduction to pre-TCJA levels, adjusted for inflation

Benefits

• Recognize the factors that impact what Congress will do, and the uncertainties that remain, regardless of party control.
• Identify the effects of the large reduction in the unified credit for estate and gift taxes.
• Learn how to anticipate the return of miscellaneous itemized deductions on Schedule A.
• Understand the implications of the federal deficit, inflation and the scored costs of the various provisions.

Designed For

CPAs and other financial professionals

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As the culmination of 2024 nears, join us for a discussion of crucial topics to be addressed during year-end meetings with clients as they strive to optimize their tax situations before filing their 2024 income tax returns.

Highlights

• Planning to optimize the use of tax brackets — taking action to deal with avoidable spikes in 2024 or 2025 taxable income
• Identifying items of income and deduction where the taxpayer can control the year of inclusion in taxable income
• Knowing which deductible expenses can be arranged to be paid in 2024 and what the limits are for doing so
• Reviewing retirement plans for year-end tax planning: Are there options to make deductible retirement contributions, including the establishment of new retirement plans for a taxpayer’s business?
• Consideration of the timing of any Roth IRA conversions, taking into account possible changes in 2026 due to the expiration of many TCJA provisions
• Giving advice in a fashion to reduce the possibility that a client makes mistakes that sabotage the plan, including overdoing steps like accelerating so many deductions into 2024 as to have them wasted against low tax bracket income

Benefits

Understand potential actions to take by Dec. 31, 2024, and planning opportunities that will remain available in 2025.

Designed For

CPAs and other financial professionals

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Stay in the know with this monthly tax update series, featuring Ed Zollars, CPA. Each month, Ed breaks down a different federal tax topic so you can stay on top of the changes and provide optimal service to your clients.

Designed For

CPAs and other financial professionals

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