By SJS Investment Services Senior Advisor Andrew Schaetzke, CFP®.
As you might have heard, President Biden’s administration recently released details of a new proposed tax plan, to potentially go into effect starting in 2022 pending congressional negotiations and approval.[1] To help you determine how this proposed tax plan may impact your finances, we provide the below resources to help simplify the changes and address your questions. As always, please consult your tax professional for specific advice.
From this checklist you may come away with answers to the following:
How may federal income taxes, Social Security taxes, capital gains taxes, estate taxes, and corporate taxes change?
Will tax deductions for traditional retirement accounts (e.g., 401(k) & IRA) change?
Are there additional tax credits for small business owners?
How will the Child and Dependent Care Tax Credits change?
Will the step-up rule for inherited assets change?
Will first-time homebuyers receive a federal tax credit?
As always, we are here to help you analyze your personal situation and help you plan for your future. Please feel free to reach out to us if you have any questions.
How Might President Biden’s Tax Plan Affect Me?
As A High-Income Taxpayer, How Might President Biden’s Tax Plan Affect Me?
Important Disclosure Information & Sources:
[1] “Biden Will Seek Tax Increase on Rich to Fund Child Care and Education“. Jim Tankersley, 22-Apr-2021, nytimes.com.
Advisory services are provided by SJS Investment Services, a registered investment advisor with the SEC. Registration does not imply a certain level of skill or training. SJS Investment Services does not provide tax advice. Please consult your tax professional for specific advice. This material has been prepared for informational purposes only.
Hyperlinks to third-party information are provided as a convenience and we disclaim any responsibility for information, services or products found on websites or other information linked hereto.
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