The American Families & Jobs Act

Welcome to the Jeff Trapp Podcast. If you haven't heard, there is a lot happening in the economy, and with taxation. So with that said, Jeff is diving into the economy, where things stand with regard to inflation, and as it relates to your taxes. He'll then discuss a new bill, 'The American Families & Jobs Act,' that was proposed and passed in The House of Representatives. It is now in the Senate. This is a bill that extends some tax cuts and tax legislation brought about by the Tax Cut and Jobs Act. However, it also introduces some new things for taxpayers who are under the $400,000 threshold. It also includes changes to the standard deduction, extending the 100% bonus depreciation, changes to the 1099 K reporting threshold, revision or removal of the electric vehicle tax credits, and extending the research and development credit that is set to be phased out this year. There are really many positive things happening with this bill for small business owners and businesses overall. We look forward to keeping you informed of all that is happening with this bill. We encourage you to listen to it now. Please subscribe, like, and share this episode. To speak with a tax team member about this or any other tax strategy, please visit our website at https://thetaxplanningpros.com/ or call 469-343-1500.