You know what I’m referring to. And let’s be honest, there’s a pretty big likelihood we won’t know before 12/31/20.
So how do you do tax planning without knowing what the tax law will be next year? Very carefully.
We know the current situation, and we know if the outcome goes one way, we could be seeing changes across:
- Individual Income Tax Rates Going Up To Almost 40%
- Capital Gains Rates To Over 40%
- Corporate Tax Rates To 28%
- Elimination of Step Up In Basis
- Partial Elimination of QBID
- Elimination of S/E Cap of $137,700
- Child Tax Credits
- Repatriation of Profits
- Energy Tax Incentives
- Itemized Deductions
- GILTI
- Healthcare
- And who knows what else.
And you need to sit down with us and look at what to do in..
- 2020
- 2021 – before CARES II and tax law changes
- 2021 – after CARES II and tax law changes
- 2022 and beyond
So if you’re ready to set up an action plan, do so here:
https://calendly.com/rsmith-18
Let’s Make Your Money Count!
