President Joe Biden Unveiled Tax Increases!

Recently President Joe Biden and house democrats have unveiled tax plans to raise levies on taxpayers making more than $400,000 of annual income, which equates to the top 1% to 2% of wealthiest households in the country. Although the $400K threshold does not really match household statistics, Americans with $500,000 or more of income were in the top 1.1% of tax filers in 2018, according to most recent IRS data. Single taxpayers with $400k or more income ($450K for married couples) would see their top marginal income-tax rate increase to 39.6% from 37%. And their top tax rate on sales on appreciated stocks and other assets would rise to 25% from 20%.

Do you need proper tax planning to bring down your tax bills for 2021, please do not hesitate to call us at (832) 295-3353. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. Last but not least, please like and share our daily posts. #tax #taxplanning #taxes #IRS #smallbusiness