Tax Law Changes in 2026: Expiration of the 2017 Tax Cuts and Jobs Act

Brace for 2026's new tax landscape with the sunset of the Tax Cuts and Jobs Act! 👉 Book a Call at www.cunningham... for estate planning, tax planning, and expert tax advice.
Watch for the Tax Cuts and Jobs act of 2017 explained, along with the changes in store for 2026. Key provisions are expected to shift, with the standard deduction and the $13.61M exclusion for estates and gifts potentially being cut in HALF. For a 32% tax-bracket individual earning $200K annually, this could result in an extra $2,032 in annual income tax. A $10 million estate could face $1.4 million in estate taxes under the reduced exclusion limit.
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[@tomatodo8334]

GDP should be measured in Trillions not Billions

[@stephenho6007]

It is a typo, but speaker unconsciously speaking into Billions as if it is a billions... LOL I hope he corrects that soon, LOL.

[@CunninghamLegal]

You are correct, that was a typo. Thanks for catching it! GDP should be measured in Trillions not Billions.

[@keithmachado-pp6fv]

1. No one knows what will happen in 2026. It could revert or be extended. Can’t assume either.
2. In low brackets the difference is minimal if below AMT and standard deduction

[@CunninghamLegal]

That's true, we can't see into the future. The purpose of this webinar is to explain what will happen if the 2017 Tax Cuts and Jobs Act expires and there is no additional legislation.

[@keithmachado-pp6fv]

Every state is different on tax of IRA withdrawals. For example in MA you get a tax deduction when contributing to 401ks but not IRAs so upon distribution you pay tax on 401k withdrawals but only pay tax on the IRA gains not the contributions to the extent they were already taxed in MA.

[@CunninghamLegal]

We are a California estate planning law firm, so our content is focused on California law. In California, money withdrawn from pensions and 401(k)s, 403(b)s and IRAs is combined and taxed as regular income.

[@strikerz2912]

Doesn’t matter , it will all change in 2025

[@kencarroll1821]

I believe bonus depreciation for 2023 is 80%

[@CunninghamLegal]

Bonus depreciation, which is generally taken after the Section 179 spending cap is reached, will continue to phase down from 80% in 2023 to 60% in 2024. Bonus depreciation will continue to ramp down for ensuing years: 40% for 2025, 20% for 2026, and 0% beginning in 2027.

[@brendamountaingirl8354]

I believe we will be inside a new financial system QFS I fear Nothing. 🙌🏼

[@CunninghamLegal]

That's an interesting perspective. Thanks for sharing!

[@deborahlarson2650]

Good luck with that

[@brendamountaingirl8354]

@@deborahlarson2650 :I think so faith over fear 💁🏼‍♀️

[@natehighlander5227]

I believe Trump will extend them

[@CunninghamLegal]

Anything is possible!

[@deborahlarson2650]

For the rich