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BIG TAX NEWS - New Proposed Tax Bill

You may have already heard that a new bill was proposed called the Bipartisan Tax Bill. This is a big deal if the bill is passed. Below are two of the big proposed changes.

BONUS DEPRECIATION.........2022 was supposed to be the last year for 100% bonus depreciation. It was supposed to drop to 80% in 2023, then 60% in 2024 and so on until phased out completely. With this new proposed bill, bonus depreciation will revert back to 100%. Businesses and self-employed people would be able to claim 100% bonus depreciation on machines, equipment and vehicles for the 2023, 2024 and 2025 tax years. Huge deal if this is passed!

CHILD TAX CREDIT..........This new bill would increase the refundable child tax credit to $1900 in 2024 and $2,000 in 2025.

Considering some of the proposed changes will impact 2023 tax filings, Congress is apparently working quickly so that people can take advantage on their 2023 tax returns.

For now, we wait. More updates to come!

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