Potential tax changes are coming, and it is important you understand what is proposed and how it might affect you.
It is advisable that you get in touch with your financial advisor to help you understand how to navigate the proposed tax changes if they were to happen today. To have a peaceful and secure retirement planning process, you have to familiarize yourself with what is expected of you when it comes to taxes.
In this episode of the Secure Your Retirement podcast, we have Julie Herres talk about the potential tax changes on different income levels. Julie is a tax expert and the owner of GreenOak Accounting, where they provide bookkeeping, accounting, CFO, and tax services.
In this episode, find out:
Understanding the progressive tax system when it comes to income.
Effective tax rate – total tax rate divided by total income.
The potential income tax rate changes especially on high-income earners.
The proposed tax change for capital gains on income over a million dollars.
The various tax proposals on property inheritance cost bases.
Why you shouldn’t over plan before and after the proposed tax changes happen.
The potential significant tax change on estate planning.
The potential social security tax rate changes for over $400k per year income earners.
Have business books as a business owner to always have the right financial data and plan.
“If it happens, then we can always plan for the changes, but there’s no reason for us to over plan today if those tax changes were to take place.”- Radon Stancil
“If you have a business, you’ve got to have business books to have the right financial data.”- Julie Herres
If you are in or nearing retirement and you want to gain clarity on what questions you should be asking, learn what the biggest retirement myths are, and identify what you can do to achieve peace of mind for your retirement, get started today by requesting our complimentary video course, Four Steps to Secure Your Retirement!