Now that the election is over and President Elect Joe Biden has will be the 46th United States President, there are proposed tax changes that you as a business owner should be aware of. Many advisors are taking a wait and see view on what changes will actually be enacted but we think that you should do your homework and make sure you are prepared.
What are the key points you should know?
- If any or all of the proposed tax changes are enacted, they could take effect retroactive January 1st 2021. Now as one of my colleagues, who is a tax attorney shared with me, the last time a tax change that was enacted was retroactive to January 1st was 1993.
- With stimulus soon to increase past $3 trillion and a Debt to GDP deficit of 136%, it is certain that there will be some kind of tax increase needed to pay down debt accumulated over the past 4 years.
- These proposed tax changes can impact your ability to amass wealth and transfer it to your heirs.
What are the key impact of the...