Taxes are likely going up.

That’s a phrase no one wants to hear – but for some Americans, it may soon become a reality.  You see, on April 28, President Biden unveiled his American Families Plan, which seeks to expand funding for education, childcare, and paid leave.1  To pay for these reforms, the Plan calls for the following tax changes2:

  • Raising the top income tax rate to 39.6% (up from 37%).
  • Raising the top tax rate on capital gains and qualified dividends to 39.6% (up from 20%).
  • Expanding the 3.8% Medicare surcharge to all income over $400,000.
  • And more.

Now, there’s no guarantee this plan will become law.  After all, it must pass through both chambers of Congress first!  For that to happen, it will likely undergo significant revisions.  Still, many analysts believe tax changes to be a matter of if, not when – and some of these changes will likely have a major impact on investors.

But we have good news, too!

By planning for these changes well in advance, we can help you potentially maximize both your current and future tax savings.  Specifically, we have identified [umpteen] different strategies we can check to determine how to best preserve your assets and keep 100% of the money you are legally entitled to.  For example, if you are a business owner, we can help you take advantage of [Employee Retention Credits], [conservation easements], and [the Augusta Rule], among other strategies.

If you’re an employee, we’ll help you find ways to save more for retirement through [tax loss harvesting], [maximizing your retirement contributions to the correct tax brackets], and [Roth Conversion] strategies.

If you’re not sure what these strategies are, that’s okay – most Americans don’t.  But it does mean that you’re probably not using them, so it’s time for us to talk! You see,  when it comes to taxes, most people devote far more time to tax preparation than to tax planning.  That means more energy is devoted to taxes they’ve already paid instead of trying to pay less in taxes later!  When this happens, it often leads to more stress, more headaches, and more money left on the table.

We can help.

So, here’s what we want you to do.  Let’s sit down to discuss both your current tax situation and how these potential changes may affect you down the road.  We’ll look at which strategies might fit you and your family or business.  We’ll provide clarity to the present by clarifying your future.

Now that the rush of tax preparation is behind us, it’s time to do some tax planning.  Let’s make moves before the changes hit.  That way, you can preserve more of your hard-earned assets for what matters most: Achieving your long-term financial goals.

We look forward to meeting with you!

1 “Fact Sheet: The American Families Plan,” The White House, April 28, 2021.

2 Greg Iacurci, “Biden wants to raise $1.5 trillion by taxing the rich.  Here’s how:”, CNBC, April 29, 2021.

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