Tuesday, December 1, 2020
The presidential election has passed and individual tax planning remains a touchy subject as there is a lot of uncertainty surrounding the topic. As of now, it is unclear what the remainder of this year holds, much less what the beginning of 2021 has in store.
As of now, it appears that the Democrats will control the House of Representatives, it is unclear which party will control the U.S. Senate. Unfortunately, the uncertainty regarding the Senate will remain until the run-off for the two U.S. Senate seats in Georgia occurs in January 5, 2021.
There has been a lot of talk about potential changes to tax policy under a Joe Biden presidency and if the Democrats end up in control of the House and the Senate, the changes are more than likely to occur.
With this in mind, individuals are taking advantage of the current tax exemptions just in case they are gone in 2021.
The potential changes would have an effect on taxes on Income, Capital Gains, and Estate taxes.
If these changes worry you or you will simply just miss the current tax exemptions you have available to you, now is the time to get your affairs in order and take the necessary steps to utilize the exemptions.
For strategies and tips to use to take advantage of tax exemptions, see the article cited below.
See Mark J. Andres, Individual Tax Planning Following the November 2020 Elections, National Law Review, November 25, 2020.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.