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Expiring Business Tax Breaks And Trump's Tax Plan

Four important business tax breaks are likely to be a part of President Trump's tax plan. We'll break them down for you.
The article from MSN discusses the impending expiration of several business tax breaks that were part of the Tax Cuts and Jobs Act (TCJA) signed into law by former President Donald Trump in 2017. Key points include the potential end of full expensing for research and development (R&D) costs, which currently allows businesses to deduct these expenses immediately rather than over several years. This change could significantly impact innovation and investment in R&D. Additionally, the article mentions the possible reduction or elimination of bonus depreciation, which allows businesses to immediately deduct a large percentage of the cost of new assets. The expiration of these tax provisions could lead to increased tax liabilities for businesses, potentially affecting their financial strategies and economic growth. The article also touches on the broader implications of these expiring tax breaks, including potential lobbying efforts to extend them and the political debate surrounding tax policy as the 2025 deadline approaches when many TCJA provisions are set to sunset.

Read the Full Kiplinger Article at:
https://www.msn.com/en-us/money/taxes/expiring-business-tax-breaks-and-trump-s-tax-plan/ar-AA1ApYnn

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