Preparing Your Busines For 2022
Most watched proposals and possible changes in the year to come
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Is your Practice ready for the Pending Tax Changes for 2022?
With EVERYTHING that has gone on in the last 18 months (Never mind the last 5 years), do you honestly believe that taxes won’t be going up? We are $28T in debt and Washington hasn’t changed 1 Thing about how they run things, in the last 30 years. They spend faster than they can make it with regards to what WE want or need. The unknown of taxes is the #1 thing that will derail everyone’s financial position during their retirement.
“like-kind exchanges” . These are things such as swaps of real estate. Right now, they avoid current taxation upon a sale. If this goes through, it would trigger a taxable event.
This one is HUGE!!! EVERY Practice Owner and Business Owner should take notice of this one. Current Capital Gains Taxes are 20%. The Biden Administration want them to go to 38%. The sale of your practice (or business) would trigger a Capital Gains Tax. If this goes into effect it would DOUBLE the amount of taxes, upon the sale.
Biden's recent budget proposal includes a $1.2 billion increase to the IRS budget. This increase is intended to ensure more audits for wealthy people and corporations. The IRS would also get another $417 million in funding for tax enforcement to increase tax compliance.
Bernie Sanders’ proposal calls for a return to lower estate and gift tax exemptions, as well as significant changes to the rules on GRATs and grantor trusts.
Most dramatic: Biden’s plan is to make the transfers of property, by Gift, and on assets, triggering events for capital gains taxes. Exclusion: transfer at death to a US spouse.
Q: Did you know that your social security is taxed, when you receive it?
A: Yes.. And depending upon where your income is coming from, and what you put down on a Tax Return, will dictate at which rate you will pay, in taxes, on your social security.
FACT: The average married couple, between the ages of 65 and 85, will pay $250,000 in taxes, on just their social security.
There are changes coming to the tax code. There is ZERO doubt about that fact. The changes in question are to what and how much.
Timing and preparation are key to take advantage of the tax code. The tax code is written for 2 types of people; Those who understand it (and utilize it) and those who don’t (and end up paying more).
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