In 2017, President Donald Trump launched a sweeping bulk of legislation known as the Tax Cuts and Jobs Act (TCJA). It raised the standard deduction to historical levels, increased the maximum child tax credit, and provided an abundance in gift and estate-planning benefits. But many key provisions in the TCJA are set to expire on Dec. 31, 2025, if Congress doesn’t make a move to keep the plan as is.
Still, Trump has said he intends to make many of these provisions permanent in addition to unveiling new tax cuts. So it’s important to understand how the tax law works today as you file your 2024 tax return.
