Quote:
Originally Posted by Boomer
rg123, I think you can answer this for me……
Are there things in “the regular people” part of the tax law changes that went into effect in 2017 that are set to expire soon?
Seems like I thought that once-upon-a-time — but I am not sure.
I don’t think it has been an advantage to a lot of regular people, other than simplifying record keeping, because there are no deductions for us.
Boomer
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There a several websites that you can Google to get all the details. But, basically, the tax rates will increase and the standard deduction will be cut in half, although part of that will be offset by restoring the personal exemption. These changes will become effective in 2025, unless Congress acts to delay or change things. I don't see anything that "regular people" can do to improve their tax situation. I expect to pay higher taxes in 2025, but the current higher interest rates have greatly increased my interest income.