Tax

As many Tennesseans continue to recover from the devastating storms, tornadoes, straight-line winds, and flooding that began on April 2, 2025, both federal and state tax authorities have announced relief measures to support affected individuals and businesses.

What Thomas Sowell describes in his comment on tax cuts is the argument unfolding today in Washington, D.C., over negotiations on lifting the $10,000 cap on federal tax deductions for payment of state and local taxes (SALT).

As residents of Tennessee and other states work to rebuild their lives and businesses in the wake of the September 2024 devastation caused by flooding from Hurricane Helene, the IRS is delaying for a brief time tax filing and payments for people in the disaster-designated areas.

With rising interest rates, inflation, and continuing market volatility, tax planning is as essential as ever for taxpayers looking to manage cash flow while paying the least amount of taxes possible over time. As we approach the end of the year, now is the time for individuals, business owners, and family offices to review their 2024 and 2025 tax situations and identify opportunities for reducing, deferring, or accelerating their tax obligations.