Tax Season 2021

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Biden's American Rescue Plan, Tax Hikes are Next

Vector image illustration of a government building, a sack of dollars, a stack of dollar bills and a tax preparation document portraying Tax Hikes imposed by President Joe Biden in 2021

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)
  • Healthcare

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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Related Updates

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.

Read More »