What is debt consolidation?
On Jan. 31, the U.S. House of Representatives passed a bipartisan tax package. The Tax Relief for American Families and Workers Act of 2024 contains enhancements to the Child Tax Credit (CTC) and would restore some tax breaks for businesses. Specifically, it would expand CTC eligibility for some low-income families. It would also bring back current business tax deductions for 100% of domestic rese arch and development expenses (rather than depreciating them over time). In addition, it would restore 100% bonus depreciation, which was 80% for 2023 and is 60% for 2024. Despite passing in the House 357 to 70, it’s uncertain whether the bill has enough support to pass the U.S. Senate.
A repost from: CPA Site Solutions