All Eyes on 2025!
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Hello High Earners and Future High Earners, Last week I had the opportunity to visit Washington, DC for the National Association of Enrolled Agents Fly-In. It was an amazing and enlightening experience. It's one thing to study and apply tax law, and another to sit down and speak with the law makers... members of Congress. We heard from the National Taxpayer Advocate, former and current IRS Commissioners, journalists from the Wall Street Journal, Bloomberg Tax, and Politico. We heard from the Senate Finance Committee, and Ways and Means Committee. They shared with us some of the tax policy priorities, and we shared our thoughts and concerns. On Day 2 we went to Capital Hill and met with members of Congress for our respective states. The general consensus was All Eyes on 2025! Many of the tax provisions that were implemented with the 2018 Tax Cuts and Jobs Act will expire at the end of 2025. The expiration of these provisions will result in higher tax rates for individuals and businesses, reduced deductions, and potentially increased tax liabilities. Policymakers may consider extending some or all of these provisions, making them permanent, or allowing them to expire as scheduled. The outcome is dependent on the election and fiscal priorities at the time. Why is this important for you? There are no guarantees today, but the only thing constant is change. You can guarantee something(s) will change. There is no better time than now to connect with and build a relationship with a Tax Strategist who stays current on the ever changing tax laws, and understands your unique situation and needs. They are preparing for any possible outcome of the election. You should too! We are accepting new clients and still processing tax returns. Connect with us to see if you're a good fit for one of our Tax Advisory Packages. If you are a high earner with a high tax bill ($25,000 or higher) enter here to see if you qualify for a Free Tax Advisory Discovery Call:
If you have been sitting on the fence wondering if we're a good fit to work together, the FREE 15 minute Discovery Call has been added to the calendar options. Please feel free to select the call that best describes your needs.
Tax filing is a one time event, but successful tax planning happens year 'round. |
Welcome to the KNK Tax & Accounting Blog
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Hello Wealth Builders! I always say there are levels to building a business and saving on taxes. Too many times I've been approached by people who just want the secret sauce to paying little to no taxes, or don't take the time to understand how income works. I wanted to share 10 things that my most successful clients did and are doing to ensure they are handling their business correctly and paying the least amount in taxes: Understanding Tax Brackets: How progressive tax systems work and the...