Bikramadityya Guho’s Post

The 2017 Tax Cuts and Jobs Act was the most substantial overhaul of the individual tax code since 1986. What most Americans don’t realize is that many rules in the federal tax code will expire at the end of 2025. TCJA made seven major changes for individuals/households, including rates, personal exemptions, the standard deduction, and the child tax credit. It also made eight large changes to businesses, including the corporate tax rate and pass-through deduction. But what do those changes mean? And how could they impact you and/or your business? For help navigating complex tax policy in the U.S., we created an online hub with a 10-part series on TCJA impacts for individuals/households and businesses. Our explainers cover the impact of these changes by area, so you can easily find information about these major policy changes and their impact. https://bit.ly/4c5neg6 #Bipartisan #TCJA #Tax

For my high net worth friends it's important to remember the federal estate tax laws are set to change significantly at the end of 2025 so in case you might die after that time, and have over $5m here is a webinar to check out! Here is a summary: Brace for 2025's new tax landscape with the sunset of the Tax Cuts and Jobs Act! Key provisions are expected to shift, with the standard deduction and the $12.92M exclusion for estates and gifts potentially being cut in HALF. For a 32% tax-bracket individual earning $200K annually, this could result in an extra $2,032 in annual income tax. A $10 million estate could face $1.4 million in estate taxes under the reduced exclusion limit. But with challenges come opportunities! In this webinar, leading attorney and author Jim Cunningham provides insight and guidance for this pivotal moment. Get informed and be prepared to navigate the new tax landscape with confidence! https://lnkd.in/d3gydreR

From income tax to excise tax, the world of taxation can be complex and overwhelming. Let's start by understanding the different types of taxes your business may encounter: ▪️Income Tax: All businesses must file an annual income tax return, except partnerships which file an information return. ▪️Estimated Taxes: Regular payments of estimated tax are required throughout the year, especially for income and self-employment tax. ▪️Self-Employment Tax: If you work for yourself, you're subject to self-employment tax, contributing to your social security coverage. ▪️Employment Taxes: When you have employees, you're responsible for social security, Medicare taxes, federal income tax withholding, and federal unemployment tax. ▪️Excise Tax: This tax applies to specific products, businesses, equipment, facilities, or services. Understanding and managing these taxes are vital for your business's financial health and compliance. #TaxTips #FinancialManagement #CPAInsights #StayCompliant

There could be a lot of changes coming to our tax laws. Are you ready? If 2018’s Tax Cuts and Jobs Act is allowed to sunset next year, it could potentially mean changes to tax brackets, tax rates, the estate tax, and more. Watch this video to get answers to common questions on how you can prepare for the likeliest possibilities, whether it’s through a Roth conversion, itemizing deductions, gifting, or other strategies. You won’t want to miss this. https://bit.ly/4hvrSIc

There is much rhetoric about the impact of #tax cuts, mostly centering around “only benefitting the rich.” First, “the rich” already pay most of the taxes. The Tax Foundation shows that the top 10% of income earners paid 59.1% of taxes. The top 25% of income earners comprised nearly 70% of all tax revenue, with the top 50% paying 97% of all taxes. To finish reading, see blog in comments field.

Who Needs to File an Income Tax Return? Literally, every year since 1986 we have received the question “Do I need to File an Income Tax Return?” Simply stated, the filing of an income tax return is required by both U.S. citizens, permanent residents and entities earning income above specific threshold amounts ($13,850 for 2023) established by statute (tax code). While the rules can be complex, there are some general guidelines to determine who needs to file a tax return. Continue reading — https://lnkd.in/g6jMcBZ5

There could be a lot of changes coming to our tax laws. Are you ready? If 2018’s Tax Cuts and Jobs Act is allowed to sunset next year, it could potentially mean changes to tax brackets, tax rates, the estate tax, and more. Watch this video to get answers to common questions on how you can prepare for the likeliest possibilities, whether it’s through a Roth conversion, itemizing deductions, gifting, or other strategies. You won’t want to miss this. https://bit.ly/4hrf9q6

There could be a lot of changes coming to our tax laws. Are you ready? If 2018’s Tax Cuts and Jobs Act is allowed to sunset next year, it could potentially mean changes to tax brackets, tax rates, the estate tax, and more. Watch this video to get answers to common questions on how you can prepare for the likeliest possibilities, whether it’s through a Roth conversion, itemizing deductions, gifting, or other strategies. You won’t want to miss this. https://bit.ly/3NLGBkA

Do you know which tax system treats everyone’s income the same? Picture a world where everyone, from minimum-wage workers to millionaires, pays the same tax rate. Welcome to the concept of proportional taxes, a flat-rate system designed for simplicity and equality. Proportional taxes, also known as flat taxes, are a type of taxation system where everyone pays the same percentage of their income, regardless of how much they earn. This means that both low-income and high-income earners are taxed at the same rate. Proponents argue that proportional taxes are straightforward, fair, and encourage economic growth by treating all taxpayers equally. Critics, however, contend that this system can disproportionately impact lower-income individuals, as a uniform tax rate takes a larger relative portion of their earnings. The debate over proportional taxes centers on balancing simplicity and fairness in taxation. Interested in learning more? Schedule a free 20-minute tax consultation with a member of our elite team of tax and wealth experts - https://shorturl.at/8bCoV. We look forward to answering any questions you may have! #ProportionalTax #FlatTax #EqualTaxRate #TaxEquality #SimpleTax #TaxPolicy #FairTaxation #TaxDebate #EconomicImpact #TaxReform #FiscalPolicy #IncomeTax #TaxFairness #TaxSimplicity #FlatTaxRate #UniformTax #TaxStructure #Taxation #TaxDiscussion

There could be a lot of changes coming to our tax laws. Are you ready? If 2018’s Tax Cuts and Jobs Act is allowed to sunset next year, it could potentially mean changes to tax brackets, tax rates, the estate tax, and more. Watch this video to get answers to common questions on how you can prepare for the likeliest possibilities, whether it’s through a Roth conversion, itemizing deductions, gifting, or other strategies. You won’t want to miss this. https://bit.ly/4fiZya7