Tax Laws & Regulations
Track current tax laws and expiration dates
1 tax law expiring within 6 months
Review for planning opportunities before expiration
Qualified Business Income Deduction (QBI)
Allows eligible self-employed and small business owners to deduct up to 20% of qualified business income from pass-through entities.
Key Provisions
- Up to 20% deduction on qualified business income
- Subject to W-2 wage and property limitations for high earners
- Applies to sole proprietorships, partnerships, S-corps, and some trusts
Planning Opportunities
- • Aggregate multiple businesses when beneficial
- • Consider entity restructuring to maximize deduction
Health Savings Account (HSA) Limits
Triple tax-advantaged savings accounts for those with high-deductible health plans.
Key Provisions
- $4,150 individual contribution limit (2024)
- $8,300 family contribution limit (2024)
- $1,000 catch-up if age 55+
Planning Opportunities
- • Maximize contributions for triple tax benefit
- • Invest HSA funds for long-term growth
SALT Deduction Limitation
Limits the deduction for state and local taxes (property, income, sales) to $10,000.
Key Provisions
- $10,000 cap on SALT deductions ($5,000 MFS)
- Includes property taxes, state income taxes, and sales taxes
- Cap does not apply to business property taxes
Planning Opportunities
- • Consider pass-through entity tax elections where available
- • Accelerate or defer property tax payments strategically
401(k) Contribution Limits
Annual contribution limits for employer-sponsored retirement plans.
Key Provisions
- $23,000 employee contribution limit (2024)
- $7,500 catch-up contribution if age 50+
- $69,000 total annual contribution limit including employer match
Planning Opportunities
- • Maximize employer match before other contributions
- • Consider Roth vs Traditional based on tax bracket
Child Tax Credit
Tax credit for qualifying children under age 17.
Key Provisions
- $2,000 per qualifying child under 17
- Up to $1,700 refundable (2024)
- Phase-out begins at $200,000 single, $400,000 MFJ
Planning Opportunities
- • Income management to stay under phase-out thresholds
- • Coordinate with other child-related credits and benefits
Bonus Depreciation Phase-Out
Immediate expensing of qualified property being phased out over time.
Key Provisions
- 60% bonus depreciation for 2024
- 40% for 2025, 20% for 2026
- Applies to new and used qualified property
Planning Opportunities
- • Accelerate equipment purchases before further phase-out
- • Consider cost segregation studies for real estate
Estate and Gift Tax Exemption
Unified credit amount exempting estates and lifetime gifts from federal transfer taxes.
Key Provisions
- $13.61 million per individual (2024)
- $27.22 million for married couples with portability
- 40% tax rate on amounts exceeding exemption
Planning Opportunities
- • Use exemption before sunset in 2026
- • Consider spousal lifetime access trusts (SLATs)
Increased Standard Deduction (TCJA)
Nearly doubled standard deduction amounts under the Tax Cuts and Jobs Act.
Key Provisions
- $14,600 for single filers (2024)
- $29,200 for married filing jointly (2024)
- Indexed for inflation annually
Planning Opportunities
- • Bunching itemized deductions in alternate years
- • Charitable contribution timing strategies