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BBB Crossover Special: Tax and planning strategies under the new law

Tax Section Odyssey

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Navigating New Tax Laws

This chapter explores the implications of recent tax law changes, focusing on the permanence of the Tax Cuts and Jobs Act and its seven individual tax brackets. The discussion emphasizes strategic financial planning opportunities like Roth conversions and income timing for high-income clients, as well as the importance of understanding state-specific regulations. Advisors are urged to develop multi-year models to effectively navigate these changes, particularly regarding the increased SALT deduction and business income deductions for pass-through entities.

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