You have probably seen plenty in the news about what may happen to taxes in 2021 given a new administration and the impact of the pandemic relief efforts on the national debt. To be clear, nothing is final and there is much debate and negotiation that will take place before we have final changes to the 2021 tax code (including debate on if the changes will be retroactive for a portion of 2021 or start in 2022).
However, I think it appropriate to share some recent details that became public on this topic as part of the proposed government budget. Please understand that I am not making any political statement on whether I think these proposed changes are good or bad. I am simply trying to share directional indicators as some may have impacts on certain aspects of your taxes (business and/or personal) as you plan for 2021 and beyond.
Below are the key areas pertinent to many of our clients with a brief summary of the proposed changes. If you desire more information, click on the image over that area and you will be taken to the the details right from the Administration's Fiscal Year Revenue proposals.
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