As President-elect Trump's second inauguration approaches, entrepreneurs are bracing for a potential shift in tax policy after the notable changes from the 2017 Tax Cuts and Jobs Act. With tax cuts set to expire by 2025 unless Congress intervenes, some alterations are likely. However, the specific nature of these changes remains unpredictable. Entrepreneurs can expect that the corporate tax rate will remain low, while individual tax rates are not anticipated to see significant shifts. The political climate's influence on these decisions is also a crucial factor to consider.
With many of the tax cuts in the TCJA set to expire at the end of 2025 absent Congressional action, at least some change is inevitable.
The good news for entrepreneurs is that this change isn't among those set to expire.
Despite the uncertainty, there are some things entrepreneurs can likely expect.
Given concerns over the federal budget deficit, it's unclear when or if such a reduction could come to pass.
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