The Tax Cuts and Jobs Act Is Ending Soon: Are You Ready for What’s Next?

As we approach the end of 2024, significant tax changes loom on the horizon due to the scheduled expiration of key provisions under the Tax Cuts and Jobs Act (TCJA) 

As we approach the end of 2024, significant tax changes loom on the horizon due to the scheduled expiration of key provisions under the Tax Cuts and Jobs Act (TCJA). Here’s an overview of what these changes mean for individual taxpayers and how you can prepare.


Expiring Provisions: What to Expect?

The expiration of several TCJA tax benefits could lead to higher taxes unless Congress takes action. Here are the major provisions affected:


Permanent Changes: What Remains?

While many TCJA provisions will sunset, some changes introduced by the act are here to stay:


1. Restrictions on 1031 Exchanges

Tax-deferred exchanges are permanently restricted to real property, excluding personal property transactions.


2. Alimony Rules

For divorce agreements finalized after 2018, alimony payments remain non-deductible for payors and non-taxable for recipients.


3. Roth Conversion Reversals

The TCJA permanently eliminated the ability to reverse Roth IRA conversions, underscoring the need for careful planning before making such conversions.


Mixed Impacts on Key Areas




How to Prepare for the Changes Ahead??

The tax landscape is set to shift dramatically as these provisions expire. It’s essential to plan ahead and consider strategies to mitigate potential impacts. Our team is ready to help you understand and navigate these tax law adjustments. For personalized advice, feel free to reach out directly at Mid America Tax Planners - Contact Us

Feel free to reach out to discuss your individual tax situation!!