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Biden's American Rescue Plan, Tax Hikes are Next
When President Joe Biden first announced the American Rescue Plan, we recognized it would be enormous.
During the announcement of the American Rescue Plan, President Biden mentioned “Infrastructure and Tax increases coming next”
What kind of Tax Liability changes are we looking at?
- Individual Income Tax increase to about ~40%
- Capital Gains increase to over 40%
- Elimination of the Self-Employed Tax Limit of $137k
- Increase Corporate Tax Rates up to 28%
- Partial Elimination of the Qualified Business Income Reduction (QBID)
- Child Tax Credit
- Profit from Repatriation
- Tax Incentives for the Energy Industry
- Itemized Deductions
- Global Intangible Low-Taxed Income (GILTI)
Many of our clients are currently tax planning.
We are looking at capital gains of 40% or more in 2021.
Do you need a free tax assessment before and after Biden Tax Law?
Do you have what it takes to reduce your Tax Overpayment like a True Expert?
Many elements of tax planning are quite simple, but it’s always worth speaking with a tax professional who can offer you additional guidance on how to work within the tax system successfully.
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End of Year Small Business Checklist
The end of the year is a great time to review your small business financial checklist and make sure that you are ready for the upcoming year.
Santa’s Tax Savings Success Business Model
Today’s business owners are facing serious challenges that allow their business to grow. Learn from Santa’s Tax Savings Success Business.
High Interest Rate on Commercial Loans
Commercial loans are great because you can fund your business; be on the lookout for high interest rates when you apply for a commercial loan.
How Rising Inflation May Lead to Higher Tax Bills
Inflation has been rising over the past year. Taxes haven’t increased as quickly as inflation, but now it’s possible to pay more in taxes than you used to; this is because the IRS calculates taxes based on income and inflation.
2021 Tax Law Proposals Timeline
The Biden administration has introduced a series of tax proposals as part of the Build Back Better initiative to pay for new government programs such as education and infrastructure.
Bipartisan Infrastructure Bill
House has agreed to a motion to concur in the amendments made by the Senate to the Bipartisan Infrastructure Bill.
Senate Democrats Float “Billionaires Tax”
A billionaires tax on unrealized appreciation has floated to make up for the billions of dollars in new revenue that would be raised by tax increase.
Build Back Better Act (Draft Released)
Build Back Better Act has been launched includes approximately 1.75 trillion dollars to combat climate change, extend health care and ease child poverty.
Capital Gains, a Retroactive Timeline
With the new tax hikes proposal developed this week in Washington, there are notable changes coming to your capital gains and dividend income taxing.