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Tax planning 2020
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wompass
Posted 11/23/2020 18:36 (#8619257 - in reply to #8612596)
Subject: RE: Tax planning 2020


dogg4585 - 11/18/2020 06:49

So we have probably a Biden presidency but the Rs could keep the senate. However the Georgia runoff isn't until January. So there is a chance of a blue Senate. This scenario will likely lead to higher taxes. If the Rs hold it will likely not change in the next couple years. Do you show more income this year or wait and see? Even if senate is blue could they get tax reform done for 2021? And it looks like prices will be fairly good next year so higher chance of having the same issue in a year.


I'm not certain of what Trump's 2017 tax BS will do but Biden's plan only affects income/profit of 400k a year or more
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