Key Takeaway
You don't have to choose between your financial goals. Start by taking advantage of available employer benefits, then balance your remaining savings between short-term priorities and long-term financial growth. Keep money needed in the near term in an appropriate low-risk option, and consider the tax implications before using long-term savings.
It’s anyone’s guess as to how political events will unfold this year. One thing is certain, though. The outcome will have long-lasting effects on tax policy and will affect you and your business. Some proposed amendments are currently before the House Ways and Means Committee which, if passed, could affect your bottom line. They include proposals:
- To amend the Internal Revenue Code of 1986 to repeal the estate and generation-skipping transfer taxes.
- To amend the Internal Revenue Code of 1986 to impose a corporate tax rate increase on companies whose ratio of compensation of the CEO or other highest paid employee to median worker compensation is more than 50 to 1, and for other purposes.
- To amend the Internal Revenue Code of 1986 to modernize health savings accounts, and for other purposes.
- To amend the Internal Revenue Code of 1986 to permit the rollover contributions from Roth IRAs to designated Roth accounts.
- To amend the Internal Revenue Code of 1986 to disallow companies associated with foreign adversaries from receiving advanced manufacturing production credit.
- To amend the Internal Revenue Code of 1986 to impose an excise tax on the failure of certain hedge funds owning excess single-family residences to dispose of such residences, and for other purposes.
- To amend the Internal Revenue Code of 1986 to impose a minimum tax on certain wealthy taxpayers that considers unrealized gains.
You and your business need up to the minute tax know-how, IRS rules and strategy to survive any legislative storm. Our team provides that. We welcome you to take advantage of a free discovery session by visiting New Client Application or https://calendly.com/d/46r-49m-93k/10-minute-intro-call.
