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Hello TROY, ,
I don’t want to get too political here…
...but it’s no secret that the new Biden administration has some new taxes coming our way.
Here’s are the spending packages President Biden has proposed:
· American Families Plan—$1.8 Trillion
· American Jobs Plan—$2.3 Trillion
· American Rescue Plan—$1.9 Trillion
These are indeed charitable causes. However, the money has to come from somewhere, right?
Some of the things that may see a change include:
· Increasing corporate income tax
· Elimination of 1031 Exchanges
· Lowering the state tax exclusion
· Increasing the capital gains tax rate
The good news is that all taxes don’t apply to all people.
The U.S. government has always created deductions for taxpayers.
Business owners and investors make out very well if you know where to look.
Some people choose to take advantage of these tax breaks (i.e., knowledgeable business owners, wealthy real estate moguls), and some choose not to (sadly, the people who just aren’t aware of them).
Whatever the case may be, you do have a choice.
Being educated about your taxes is the best way to SAVE big on your taxes, so make sure you have an accounting and tax professional on your team, as well as a financial services professional.
So, what else should you do?
The solution is to discover what the very wealthy do to limit their taxes. The best way to discover these “tax secrets of the wealthy” is to contact us by clicking the button below. We can educate you as well as work with your tax and accounting professional/s to implement efficient retirement and insurance planning that may also help you to reduce taxes and increase after-tax income.
This information is for educational purposes only and should not be considered specific tax, legal, or investment advice, which will only be provided on a personalized basis. Please consult your tax and legal advisors regarding your individual situation.
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