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Tax planning

In the News | CBS News

Trump wants to extend his 2017 tax cuts — and more. Here's what that could mean for you.

Dec 16, 2024 · Authored by Duncan Campbell

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Related sections

  • Private Wealth
  • Individual Income Tax Planning & Compliance

As President-elect Trump advocates for extending his 2017 tax cuts, Baker Tilly's Duncan Campbell, shared with CBS News that while the Tax Cuts and Jobs Act (TCJA) extension could bring stability, there’s a chance tax provisions may revert to pre-TCJA levels by 2026.

What does this mean for you?

  • Higher-income Americans may see significant changes.
  • Small business owners should brace for the possible expiration of the 20% business income deduction.

To avoid surprises, Campbell advises planning now — especially if you're looking to take advantage of tax-saving opportunities before they expire. "Prepare as if everything is sunsetting," he said.

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Individual Income Tax Planning & Compliance

Taxes are inevitable, but have you proactively planned for tax compliance? Baker Tilly’s private wealth tax professionals can optimize your tax strategy now, for tomorrow.

Duncan Campbell

Duncan Campbell

Principal

Related sections

  • Private Wealth
  • Individual Income Tax Planning & Compliance