The $78B Income Tax Bill which would affect 2023 tax law has officially stalled in the Senate. The Tax Relief For Americans And Workers Act Of 2024 passed the House with a bi-partisan vote of 357-70.
But the Senate is currently focused on debating foreign assistance and security for the US Border. Senators are then looking forward to a two week recess.
As such, the tax package has been officially put on the back burner. It’s neither on the docket nor does it have a clear path or timeline for passage.
Meanwhile back in the House, the tax package which would alleviate the State and Local Tax (SALT) Limitation of $10,000 on Schedule A which would again make these tax payments fully deductible has also fallen by the wayside. The Lower House had a difficult week with Leadership losing several high profile votes and the SALT Limitation package was lost in the shuffle of their shortening work week.
Could these packages again rear their ugly heads making substantive changes to everything from Depreciation to Child Tax Credits for 2023?
Of Course. Anything is possible. These legislators could pass these packages next June after everyone has already filed their returns.
But I doubt sincerely that anything will actually get done at this point. In a few days, both houses will be on vacation sipping Pina Coladas.
As such, I’ll begin signing and forwarding the returns that I’ve completed. If by some wild hallucination, something on these packages does get done in the future, we may need to amend your returns if those changes in any way impact your individual case.
But the chances of this now happening are somewhere between slim and nil.
Let me leave you with this.
This is a rather festive week beginning with the Super Bowl yesterday, leading to Fat Tuesday tomorrow, followed by Valentine’s Day in the middle of the week. I can’t ever remember all three of these occasions being within a few short days of each other, at least in my lifetime.
Valentine’s Day can be easy for many, but quite difficult for some. Whether you’ve lost a loved one, or never met that right someone, the feelings of loneliness can be overwhelming.
When you add that to being an entrepreneur, the difficulties can become devastating.
Those who don’t live the life of an entrepreneur think that what we do is easy. They look at us, asking those around us to do this or that, and think that we’ve got it made.
A simple fact that many don’t understand is that even though we’re constantly surrounded by people, we lead lonely lives. And that loneliness is always amplified during certain holidays.
There isn’t any magical cure for this phenomenon. Few can do what we do. Fewer still can live with the consequences.
National studies have shown that issues like divorce, alcohol, and drug abuse are twice as prevalent in entrepreneurs as they are with everyone else. That’s twice as prevalent.
I guess our lives aren’t that easy after all.
But for those of us who are chosen to walk this life, none other will truly satisfy. Being in control of our companies and our futures is the only way for many.
So take a moment and realize how lucky you are. Remember the idiocy of your last boss, and count your blessings.
And please do one other thing.
Know that we’re right there with you. You aren’t alone. If you need to talk, you know my number.
We’re all going to get through this. Let’s get through it together.
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