TaxUS Tax

7 Important Upcoming Tax Changes That You Need to Know

#1. Individual Taxes Will Be Going Up

#2. Standard Deductions Are Being Cut in Half

#3. Pass-Through Deductions Are Going Away

#4. Bonus Depreciation Is Decreasing

Also Read: How to report rental income on a US Tax Return

#5. The Work Opportunity Tax Credit Is Expiring

#6. You Can No Longer Immediately Deduct Research and Development Expenses

Also Read: Meals & Entertainment Business Deductions Under Tax Cuts & Job Act (TCJA)

#7. Estate Tax Exemptions Are Being Cut in Half

Final Word

Moreover, if you want to read other similar informative articles, you can read more about the US Taxes here.