Joe Biden is the new President of the United States—and that means we could have some more clarity on the direction of tax policy for 2021 and beyond. This also means there are big potential tax planning opportunities for savvy Business Owners who are prepared for this unique moment.
After Joe Biden gets in office, your business could be looking at paying 2-3 times more in taxes in the coming years.
Here are the four major periods to keep in mind:
1. 2020 - Current Tax Law
2. 2021 - Pre-Biden Tax Law
3. 2021 - Post Biden Tax Law
4. 2022 - 1st or 2nd Year of Biden Tax Law
Now is the time to prepare for this, because a tax plan that will consider these upcoming changes can save your business tens of thousands of dollars.