Welcome back to Ned’s Blog Spot, where you can find all your tax tips and tricks. Our tax deadline is quickly approaching, and we want to make sure we provide you with all the information we can, for your filing to be as quick and painless as possible. Below you’ll find a few quick tidbits about the upcoming tax season. We will be posting policies from all candidates (as they are released) that affect your tax filing
In the spirit of election year, this trifecta comes at a good time. Former President Donald Trump recently released his tax policy on his Truth Social platform.
- “SENIORS WILL NOT PAY TAX ON THEIR SOCIAL SECURITY” For our readers who don’t know… in 1984, President Ronald Reagan, signed legislation that began the taxation on Social Security. Seniors who receive income in addition to Social Security could be taxed on up to 85% of their social security income. Earlier this year, Rep. Angie Craig (D-MN), introduced new legislation that would eliminate the federal tax on Social Security.
It’s no secret that tax stakes are high in November’s election. Many of the tax provisions in the 2017 tax reform law are set to end after 2025 and revert to the rules that were in effect for 2017, unless law makers act. Our next president will have the job of confronting the dreaded “2025 Tax Cliff.” Donald J. Trump proposes several ideas when it comes to federal taxes. Those ideas are below:
- Make the 2017 tax change permanent, and further lower taxes for individuals and businesses.
- Hospitality and restaurant workers would get a boom, by way of NO TAX ON TIPS.
- Using tax incentives and credits to help promote homeownership
- Dropping the 21% corporate tax rate to 20% or lower for business taxes
As of this posting, Vice President Harris has not released any of her policies other than to raise the corporate tax rate to 28%. We will post her policies that affect tax filing as soon as she releases them.
We hope you find this information helpful as you begin to prepare for the upcoming tax season. If you have any questions, the information for our downtown office will be listed below and don’t forget to check back for more!
Ned Jackson Downtown Office
Address
255 N Liberty Street
Jacksonville, FL 32202
Phone
(904) 356-0349
info@nedjacksontax.com
