The Tax Cuts and Jobs Act of 2017 (TCJA) reduced tax rates for businesses and individuals, and introduced the new qualified business income 20 percent deduction, making it more beneficial for pass-through entities. It also limited the deduction for state and local income taxes and property taxes at the individual level, which created many planning opportunities for businesses in what's often called the pass-through entity election. The law also reduced a lot of the alternative minimum tax provisions, not only at the individual level, eliminating it completely for corporations. 

However, as of Dec. 31, 2025, most of those provisions that impact individuals will expire. Expiring provisions include the individual income tax rate reductions, standard deduction increases, deduction limitations and repeal, increased AMT exemptions, pass-through business income deduction, and estate/gift/GST exclusion/exemption increases. 

Urge lawmakers to support legislation that would extend these critical tax provisions and create certainty for small businesses!