Tax Season 2021

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Questions to Ask About Biden Tax Policy

  • Should I plan for Biden Tax Policy changes?
  • When will it come? 2021 or 2022?
  • Should I speed up capital gains to current year?
  • Should I change my legal entity structure now, next year?
  • What additional planning strategies should I implement?
  • If I do the same income next year as this year, how much more tax would I pay under Biden’s tax changes?
  • What things should I do regardless?
  • What things should I do only if they pass this law?

Those are just a few of the many questions you should ask yourself now that Biden is President.

Many people think these changes can’t come until 2022, but that’s simply not true.

With COVID-19, we witnessed a rush order process on enacting the CARES Act & FFCRA. Normally, tax legislative changes take a longer period to narrow down details before enacting.

In addition, it is also rare to see retroactive changes, however not impossible. Bill Clinton retroactively increased taxes in the 90s. Therefore, consider being prepared if there are retroactive tax law legislative changes for 2021.

Ready to see if we need to perform planning for the blue wave?


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.

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