Withum

NOVEMBER 17, 2022

Most of the income tax proposals in the 2021 “Build Back Better” bill did not make it into the IRA. General Income Tax Planning. Doing so may enable you to claim larger deductions, credits, and other tax breaks for 2022 that are phased out over varying levels of adjusted gross income (AGI). million in 2023).

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Withum

OCTOBER 18, 2023

The step-down of the bonus amount continues annually at 20% until it is completely phased out to 0% in 2027. The QBI deduction was adopted primarily to keep pass-through business owners on a level playing field with large corporations that are enjoying a permanent flat 21% federal tax rate. What About Estate Planning?

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Cherry Bekaert

OCTOBER 3, 2024

An increased exemption allowed more high-net-worth individuals to transfer their assets tax-free, and reverting back to pre-TCJA exemption levels will require individuals and families to revisit their estate planning strategies. The phase out will continue at a rate of 20% per year until it is fully phased out in 2027.

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