As we look ahead to 2025, some of the most significant tax changes in recent history are on the horizon. These proposed reforms could have a substantial impact on your income, deductions, and overall financial strategy — especially if you’re a retiree, high earner, business owner, or someone planning a major purchase or life change.
While the details are still being finalized, early planning is essential. Waiting until these changes go into effect could mean missed opportunities — or a surprise tax bill.
Here are six key tax developments you need to know:
Itemized deductions are expected to be capped, meaning you may not get the full tax benefit you’ve relied on in the past. This makes cash flow and retirement income planning more critical than ever.
🧭 Now is the time to evaluate how your deductions fit into your broader financial plan.
Federal tax incentives for clean energy investments — such as solar panels and electric vehicles — are being reduced or repealed altogether. If you’ve been considering a green upgrade, acting sooner rather than later could make a big difference.
🔋 Let’s talk about how to take advantage of these credits before they’re gone.
Families may benefit from a temporary increase in the child tax credit. This is an ideal moment for young families and grandparents supporting education or gifting strategies to reassess their plans.
👨👩👧 Use this opportunity to revisit your family financial goals.
Those earning over $200K (single) or $400K (joint) may lose access to certain deductions and face increased tax liability. Strategic planning now — including Roth conversions, charitable giving, or income-shifting — can help reduce your future tax burden.
📉 Smart moves today can protect your wealth tomorrow.
Although there’s talk of raising the SALT (State and Local Tax) deduction cap, many high-income taxpayers may still not qualify due to income phaseouts.
🏛️ If you live in a high-tax state, let’s explore your options and build a strategy.
Pass-through business income (common for consultants, advisors, and small business owners) may lose current tax advantages. If this applies to you, it’s vital to review your entity structure and income planning strategy now.
💼 Your business deserves a tax-smart future — let’s work on it together.
The proposed 2025 tax changes present both risks and opportunities. The good news? You don’t have to navigate them alone.
📅 Let’s schedule a time to review your financial and retirement plan together — before the rules change. Whether it’s understanding how the updates affect you or coordinating with your CPA, I’m here to help ensure you’re ready.
