The Trump Tax Cuts were a great boon for taxpayers. However, they were doomed to sunset in 2025. Once that arrives the rates will revert back those in effect in 2017. Some planning ahead will be in order. Here is the 2017 rates for Married Filing Jointly.
As with all tax planning, a few minutes now can mean a lot of savings later.
I will be proactive in helping my clients plan for this change. It could be timely to convert to a Roth so let's discuss it. I had hoped that the Trump Tax Cuts would be made permanent but that hope has waned.
Best,
Donn Marier
DM-Your Own CFO