Start Tax Planning for 2026

August 12, 2024

Start Tax Planning for 2026

Many tax-related changes made by the Tax Cuts and Jobs Act (TCJA) are scheduled to expire at the end of 2025. Beginning in 2026, among other things, tax rates are scheduled to increase for most people, the standard deduction is set to be cut roughly in half, and the federal gift and estate tax exemption will drop to an estimated $7 million.

Even though there’s currently talk in Congress about preserving some or all of the TCJA’s tax breaks, it’s uncertain what will happen. Consult your advisor to discuss the potential impact of the elimination of these tax breaks and planning strategies to soften the blow.

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This material is generic in nature. Before relying on the material in any important matter, users should note date of publication and carefully evaluate its accuracy, currency, completeness, and relevance for their purposes, and should obtain any appropriate professional advice relevant to their particular circumstances.

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