In the absence of Congressional action, multiple provisions of the Tax Cut and Jobs Act (TCJA) will expire at the end of 2025, and tax rules will revert to what they were before the legislation. The TCJA reduced specific tax brackets and increased the standard deduction. Certain charitable gift deductions moved from 50% to 60%. Additionally, the personal exemption phase-out and the limitation on itemized deductions for some filers were eliminated. The Tax Cuts and Jobs Act simplified many aspects of tax planning and created opportunities. As a result, some tax techniques are more effective now than in the past.
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