Its OCTOBER !! Besides the 10/15/2021 Personal Tax Return Extension are you READY for 2021 Year End Tax Planning ??? We don't just do tax returns, we PLAN for them FIRST !
With the new tax hikes proposal advanced this week in Washington, there are major changes coming to how you are taxed on capital gains and dividend income.
Right now, if you own stock and recognize it for a gain, you will see a top tax rate of 20% on that gain.
Under the new proposed bill, that rate will be bumped up to 25%. Including another medicare surcharge for high-income investors, your rate would be pushed up to 28.8%!
In addition, there is a push for another wealth tax on individuals making $5M or more, who would see another 3% tax. The 20% tax rate on capital gains would become as high as 31.8% for some individuals.
That's just the federal rate.
If you live in a state that taxes capital gains, you’re going to see an extra tax on top of it, leaving certain individuals with marginal capital gains rates past 40%.
A true tax hike.
In addition, the proposal states the change will take effect retroactive to September - disallowing investors from selling their position before the change gets enacted into law.
So how do you plan for this?
This is exactly what my team and I are helping hundreds of business owners iron out and plan for in 2021 and 2022 with and without these changes.
Want to determine what will work best for you and your family/business? Schedule a time to speak with us here.
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Talk soon,
Tina
Tax Strategy Session - Tina Allen EA
calendly.com
When was the last time your accountant came to you and said, “I have an idea that will save you money on taxes?”.ZOOM with Tina Allen, EA President of Accounting Angel LLC. to learn how her team of Proactive Tax Savings Expert can help you save money on taxes legally?What to expect from thisIRS had a backlog of nearly 8 million paper business tax returns in 2020 due to pandemic
cnb.cx
The backlog was a 3,230% increase relative to the end of 2019, according to a report issued Tuesday by a Treasury Department watchdog.This content isn't available right now
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