President Donald Trump’s tax bill brings significant changes for high earners and business owners, impacting how they plan and file taxes. Proactive filers are already adjusting to take advantage of key measures like the expanded SALT deduction cap and the increased Qualified Small Business Stock exemption. Rachel Richards of Gelt advises on locking in benefits for 2025 and growing businesses amid the new tax landscape. The bill also offers additional tax benefits for real estate investors, potentially making acquiring real estate more attractive. The QSBS exemption is now up to $15 million under certain conditions, providing entrepreneurs with tax-saving opportunities. For advanced investors, stacking QSBS benefits across shareholders can further maximize tax breaks. Early-stage investors may not have to pay taxes on up to $15 million or 10 times their original investment when selling shares, with an expanded asset threshold. Certain startups qualify for this deduction, and asset threshold has increased from $50 million to $75 million. 1. The unemployment rate in the United States has dropped to 5.4% in August, with 235,000 jobs added. This marks a significant improvement in the labor market as businesses continue to recover from the impact of the pandemic.
2. A new study has found that the effectiveness of the Pfizer-BioNTech COVID-19 vaccine wanes over time, with efficacy dropping from 96% to 84% after six months. Researchers suggest that booster shots may be necessary to maintain high levels of protection against the virus.
3. Hurricane Ida has caused widespread devastation in Louisiana, leaving over one million people without power and causing severe flooding in many areas. The storm has also led to at least four reported deaths and has prompted a major rescue and relief effort in the affected regions.
4. The FDA has granted full approval to the Pfizer-BioNTech COVID-19 vaccine for individuals aged 16 and older. This decision is expected to increase confidence in the vaccine and encourage more people to get vaccinated as the Delta variant continues to spread across the country.
Read more at Yahoo Finance: 5 Ways To Lock in Benefits From Trump’s New Tax Bill