Getting the right tax advice and tips is vital in the complex tax world we live in. The Kiplinger Tax Letter helps you stay right on the money with the latest news and forecasts, with insight from our highly experienced team (Get a free issue of The Kiplinger Tax Letter or subscribe). You can only get the full array of advice by subscribing to the Tax Letter, but we will regularly feature snippets from it online, and here is one of those samples…
Congress works best when there is a deadline. And there is an important deadline coming up. Many of the federal tax provisions in the 2017 Tax Cuts and Jobs Act that affect individuals expire at the end of this year. They include lower income tax rates, higher standard deductions and child credit, larger estate and gift tax exemption, alternative minimum tax easings, the 20% deduction for qualified business income of pass-throughs, the $10,000 cap on deducting state and local taxes on Schedule A of the Form 1040, and much more.
The odds for a tax bill this year are quite good. In addition to the expiring tax provisions, Donald Trump has made tax changes a priority on his legislative agenda. If lawmakers act as expected, we could see legislation sometime this year. But the process won't be all smooth sailing. There are some key sticking points that Republican lawmakers will have to work through. Here are six of those hurdles.
