Staring into the sunset.

This article discusses the potential expiration of various provisions of the Tax Cuts and Jobs Act (TCJA) and the importance of tax planning for 2025. The outcome of the 2024 U.S. presidential election is expected to have a significant impact on tax policy. Some provisions that may expire include individual tax rates, deductions, exemptions, and credits. Taxpayers are advised to engage in multiyear planning and stay informed about possible changes in tax laws. Strategies such as Roth conversions, income acceleration, and estate planning adjustments are recommended. Recent developments in tax law and the use of technology are also important for effective tax planning. [Extracted from the article]