Buckle up: We’re likely to see major federal tax changes within the next year or two. The reason has to do with the upcoming elections and provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on Dec. 31, 2025. Here are 4 possible scenarios: 1) All TCJA provisions that are scheduled to expire will expire. 2) All TCJA provisions that are set to expire will be extended or made permanent. 3) Some provisions will expire while others will be extended or made permanent. 4) Some or all expiring TCJA provisions will expire and new laws will be enacted that provide different tax breaks and/or rates. What will happen to YOUR taxes depends on which scenario becomes reality.
