Changes to tax laws
On September 13, 2021, Democrats in the House of Representatives released a new $3.5 trillion proposed spending plan that includes numerous changes to federal tax laws. As part of a compromise to reduce cost, the Build Back Better Act was cut almost in half to $1.85 trillion and passed the House last month.
Are you ready for how these changes may impact you?
The plan would raise $830 billion in corporate tax increases. It also includes increases to personal income tax rates and the capital gains tax rate, along with a major reduction to the federal estate and gift tax exclusion, and new restrictions on qualified business income (QBI) deductions.
Don't Wait to Prepare for Tax Law Changes
While the proposed legislation is still under consideration and has not been finalized, given the broad-reaching influence these changes may have, I encourage you to take action now!
These tax changes will potentially cost you or your business money, so every step you can take to get ahead of the change can save you thousands. With the exception of the capital gains rate increase, most of the proposed changes would be effective after December 31, 2021, meaning you still have a little time.
If you’ve worked with me before, you know that I care about planning ahead. It’s one of the most crucial factors in your success.
Due to the time it takes to plan and execute most financial and estate planning actions, every bit of lead time you can give to the effort will give you an advantage. We are experiencing times we aren’t prepared for. But now that the curtain has been pulled back, this is an opportunity to plan for the legacy you want to leave for your loved ones.
First things first: reach out to connect with me! Take advantage of a complimentary consultation with me today.
If you haven’t already created a Will or Trust, we can discuss those details too.
Wills and trusts are two of the most commonly used estate planning documents, and they form the foundation of most estate plans. While both documents are legal vehicles designed to distribute your assets to your loved ones upon your death, the way in which they work is quite different.
I know how to navigate shifting tax laws to save you time, money, and other resources, but I need to know your situation first. The optimal outcome for you and your business is likely unique, so it’s important to connect.
If you’re an entrepreneur, you know as well as I do that time NEVER moves slowly. The end of 2021 is around the corner, and it’s not taking the scenic route. If your business or personal finances stand to be impacted by any these impending law changes, it’s incredibly important that you take action NOW to ensure that our strategy can be planned and executed before the end of the year.
Let’s talk, and create a game-plan that sets you up to thrive in 2022.