Tax Code in Motion: Preparing for 2025

What the Latest Legislative Proposals Mean for Your Wealth Plan

The Senate has officially passed its version of the “Big Beautiful Bill Act,” which includes a slew of proposed changes to the current tax code as the expiration of the 2017 Tax Cuts and Jobs Act looms.

There are some key differences between the bill that was passed in the House and the version passed through the Senate, with one of the key differences hinging around the extent of deductibility for state and local taxes. A $10,000 cap in the Senate vs. a $40,000 cap in the House, subject to income limitations. Both bills seem to extend the current income tax brackets, increase financial benefits for families with young children, and allow business owners to accelerate depreciation on asset purchases.

Rest assured, we are watching the legislation as it continues through Congress and will be looking at financial plans in light of any relevant changes.

Until then, please upload your most recent tax return to us if you have not done so already so that we can put together 2025 projections and proactively plan to take advantage of whatever 2025 throws our way!

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Advisory services offered through National Wealth Management Group, LLC, a Registered Investment Adviser. This information is intended for educational purposes and is not intended as a recommendation to buy or sell securities. Investing involves risk. Before investing, you should consult with a financial advisor to determine how a specific investment strategy fits your personal goals and objectives.