Act Before The Tax Pendulum Swings Back
Published Tuesday, July 21, 2020, 9:00 p.m.
For business owners, professionals, and wealthy retirees, tax rules are about as favorable as they've been in decades, but the tax pendulum is likely to swing back the other way. You don't need to be a political pollster to know higher taxes are likely in the years ahead, with U.S. Government debt soaring and the U.S. Senate possibly changing parties. Now is the time to consider how a reset in tax policy is likely to affect you and your family.
Managing wealth requires tax planning. If investment management is the sizzle, tax planning is the steak.
Retirees, for instance, have a significant opportunity to create a lifetime tax-free income stream by converting to a Roth IRA. But they must act by the end of 2020 and getting it done correctly requires careful advanced planning and forethought.
The difficulty in tax planning is that it is entirely dependent on your personal situation, including complex variables such as the needs of your children or other heirs, your charitable inclination, your age and health and a host of other personal preferences. It's personal.
At the risk of sounding alarmist, today really is a good time for business owners, professionals, and families with wealth to be considering tax minimization strategies.
© 2020 Advisor Products Inc. All Rights Reserved.
- Act By The End Of 2020 For A Major Retirement Income Tax Break
- Business Owner Alert: Main Street Lending Program Offers Covid Aid
- Financial And Tax Planning For The Long Run
- A Constellation Of Facts Squarely Aligns With 2020 Roth IRA Conversions
- Covid-19 Tax Break Suspends Required Minimum Distributions
- PPP Update For Business Owners
- Business Owner Alert: Covid-19 Retirement Loans
- Coronavirus Tax-Breaks For Individuals; Details Emerge From IRS
- Coronavirus Tax Planning Alert
- Amid The Awful News, Some Good Signs
- How Negative Interest Rates In Germany Limit Pandemic Economic Damage To U.S.
- The Current Economy And Outlook For May And June
- To Fight The Financial Crisis Spawned By The Coronavirus, The Fed Is Utilizing Powerful New Tools
- Financial Planning For The Long Run Amid The COVID-19 Epidemic
- Business Owners: Paycheck Protection Program Update