Key Strategies as we Await the New Tax Relief Bill

Originally published on March 5, 2024

Join Mike Sibley and Kevin Golden as they delve into the intricacies of the Tax Relief for American Families and Workers Act of 2024. Passed by the House in February 2024, this legislation holds promising provisions for taxpayers, yet its fate in the Senate remains uncertain. This episode sheds light on the impact of the proposed tax relief on 2023 tax returns, potential retroactive benefits for 2022, and critical strategies for businesses navigating these changes.

Discover how key provisions, such as bonus depreciation, section 179 depreciation, R&D credits, and the employee retention credit, could influence manufacturing and other industries. Mike and Kevin offer expert analysis on depreciation changes, the R&D credit overhaul, and the strategic approach to handling your tax returns amid legislative uncertainty.

Whether you’re a small manufacturer assessing depreciation options or a larger entity exploring R&D tax credits, this episode provides valuable insights into navigating tax planning and compliance effectively.

Key Takeaways:
Understanding the proposed changes and their implications on tax planning
Navigating the legislative uncertainty with proactive strategies
Maximizing tax benefits for manufacturing and other sectors

Timestamps:
00:00 – Introduction to Tax Relief Act of 2024
01:15 – Depreciation and Section 179 Explained
03:00 – Changes in R&D Tax Credits
04:50 – Employee Retention Credit Update
06:30 – Impact on Manufacturing Industry
08:00 – Strategy for Tax Returns and Extensions
10:00 – Other Key Tax Provisions and Credits
12:00 – Final Recommendations and Advice

#TaxRelief2024 #Manufacturing #TaxPlanning #RnDCredits #Depreciation #EmployeeRetentionCredit #JamesMooreManufacturing #TaxStrategy #AmericanFamiliesAct

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