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In the 2024-25 tax year, it says an average earner would have a tax cut of about £340 - from the combined tax changes - and people earning between £26,000 and £60,000 would be better off.

The IRS is currently sitting on about $92.3 million, ready to be dispersed among 116,300 state taxpayers who have yet to file their returns for that tax year, the agency said in a news release Tuesday.

So while you might be trying to cram in some last-minute tax planning moves for tax year 2024, there's not particularly anything TCJA-related to rush into now.

Although those effects generally wouldn't be felt until 2026 — or perhaps even 2027 when filing for tax year 2026 — there still might be moves to make during calendar year 2025.

For example, tax-loss harvesting is an investment move that can help lower your taxes, but it needs to be done during the calendar year of the corresponding tax year.