In this episode, Paul and Garrett dive into the intricate topic of taxes, specifically focusing on the upcoming expiration of the Tax Cuts and Jobs Act at the end of 2025. They discuss the potential changes, planning opportunities, and strategies to prepare for this major shift. Key points include the importance of regular tax planning, the impact on retirement accounts, Roth conversions, estate taxes, and considerations for business owners. Listen in for valuable

insights on how to handle your financial planning in light of these upcoming tax law changes.

Key Points From This Episode:

• Expiration of the Tax Cuts and Jobs Act in 2025 and its implications.
• Importance of regular tax planning in response to life and law changes.
• Potential benefits of Roth conversions before tax rates rise.
• Strategic planning for required minimum distributions (RMDs).
• Impact on inherited IRAs and accelerating distributions.
• Business owners' considerations for bonus depreciation and Qualified Business Income (QBI) deductions.
• Estate tax changes and the importance of planning for estates over $6 million.
• Strategies for charitable giving and state tax deductions.

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Useful Links

Garrett on LinkedIn

Paul on LinkedIn

Ascend Investment Partners