New Tax Relief? What Trump's Tax Changes Mean For Your Business

7 snips

Feb 26, 2025

The discussion dives into the potential impact of Trump's tax changes on small businesses, focusing on tax provisions set to expire in 2025. Key points include the risk of higher individual tax rates and the shrinking of the standard deduction. Parents could lose significant benefits from the reduced Child Tax Credit. There's a looming threat for small business owners concerning the QBI deduction and the changes to bonus depreciation policies. The complexities of new tax relief measures are also explored, urging awareness among business owners.

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INSIGHT

Expiring TCJA Provisions

Several tax provisions from the Tax Cuts and Jobs Act (TCJA), like individual rates and the standard deduction, are set to expire in 2025.
These expirations could lead to tax increases for many individuals and businesses.

INSIGHT

SALT and QBI Deduction Predictions

Mike Jesishek predicts the SALT deduction cap might double to $20,000.
He also believes the QBI deduction will likely be extended due to bipartisan support.

INSIGHT

Bonus Depreciation Uncertainty

The future of bonus depreciation is uncertain, but discussions around making it permanent or extending it are ongoing.
Bonus depreciation incentivizes business growth and real estate investment.

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How will Trump's proposed tax changes impact your business if they're implemented?

In 2017, the Tax Cuts and Jobs Act (TCJA) was passed by the Senate and signed into law by President Donald Trump, introducing major tax cuts for individuals and businesses. Many of these tax breaks are set to expire at the end of 2025 unless Congress extends them. In this episode, we break down which tax cuts are expiring, what Congress might do, and how you can prepare.

Chapters:

(00:58) What’s Expiring in 2025?: Major tax provisions from TCJA are set to expire, leading to potential tax increases.

(02:14) Higher Individual Tax Rates: If Congress does nothing, tax rates will go up for most Americans.

(03:12) Shrinking Standard Deduction: The standard deduction, which nearly doubled under TCJA, will revert to pre-2017 levels.

(04:07) Reduced Child Tax Credit: Parents may lose up to $1,000 per child in tax savings.

(05:22) Changes to SALT Deduction Limits: The current $10,000 cap on State and Local Tax (SALT) deductions may be adjusted or removed.

(07:10) Small Business Owners Lose Big: The QBI Deduction Disappears – The 20% Qualified Business Income (QBI) deduction for pass-through businesses is at risk.

(08:56) Bonus Depreciation Phases Out: Businesses will no longer be able to immediately write off 100% of qualifying purchases.

(10:45) Estate and Gift Tax Exemptions Shrink: The exemption amount for estate and gift taxes could drop significantly, affecting wealth transfers.

(12:21) What Will Congress Do? Lawmakers are debating which provisions to extend and how to pay for tax cuts.

(14:06) How Will the Government "Pay For" Tax Cuts? Cutting taxes means less government revenue. Will spending cuts or new taxes offset the shortfall?

(16:30) Trump’s New Tax Proposals, What’s the Catch? No tax on tips, Social Security income, and overtime pay are on the table, but will they actually happen?

(19:22) What Should Business Owners Do Now? Strategies to prepare for 2026 and protect your business from tax increases.

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Podcast Host: Mike Jesowshek, CPA - Founder and Host of Small Business Tax Savings Podcast

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The Small Business Tax Savings Podcast is your go-to resource for cutting-edge tax strategies designed to help entrepreneurs and small business owners legally slash their tax bills. Hosted by Mike Jesowshek, CPA, this podcast breaks down complex tax topics into clear, actionable, no fluff insights, so you can maximize your savings and keep more of your hard-earned money.