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The Tax Relief for American Families and Workers Act of 2024 - What We Know So Far

tax concepts
January 17, 2024•1 min read

In a recent video, Neal McSpadden offered an insightful analysis of the proposed Tax Relief for American Families and Workers Act of 2024. This pending legislation holds significant implications for small business owners and solopreneurs, with potential changes to tax credits, deductions, and more.

Understanding the Act:

  • Child Tax Credits: The Act proposes adjustments to the child tax credit, including inflation indexing, which could impact many families.

  • Research Deductions: Crucial for small businesses, the Act might change how research expenses are deducted, offering potential relief and more immediate benefits.

  • Impact on Small Businesses: The proposed Act could affect various aspects of business operations, from financial planning to tax liability.

The Tax Relief for American Families and Workers Act of 2024 could usher in significant tax changes. Small business owners and solopreneurs should stay informed to prepare for these potential shifts. Neal's video provides a comprehensive guide to understanding these changes.

Senate Publication: https://www.finance.senate.gov/imo/media/doc/the_tax_relief_for_american_families_and_workers_act_of_2024_technical_summary.pdf

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Neal went from owing the IRS over $1,300,000 to Zero and in so doing discovered the world of tax planning. Since 2011 he's helped tens of thousands of clients save hundreds of millions of dollars on overpaid income taxes.

Neal McSpadden

Neal went from owing the IRS over $1,300,000 to Zero and in so doing discovered the world of tax planning. Since 2011 he's helped tens of thousands of clients save hundreds of millions of dollars on overpaid income taxes.

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