For High-Earners And High Net Worth Americans, Failing To Plan Is A High-Stakes Gamble
Las Vegas oddsmakers take bets on non-sporting events like Presidential elections, the Academy Awards, and the Westminster Kennel Club Dog Show, but bookies don’t know enough about estate and payroll taxes to offer odds on your being slammed with a massive federal tax hike in 2021. But a just-released poll of tax experts who DO know the odds of a tax hike expect millions of Americans will suffer a large tax increase in 2021 – that is, unless they proactively plan for what’s ahead by the end of 2020.
More than two-thirds financial planning professionals say the odds of a 12.4% payroll tax hike in 2021 are 50/50 or higher, according to a just-released survey by Advisors4Advisors, a continuing education website for financial professionals. Assuming the 12.4% payroll tax increase proposed by President-elect Joseph R. Biden does indeed go into effect next year, shifting income into 2020 before the end of this year could save business owners as well as doctors, dentists, and other professionals, who are employees tens of thousands of dollars in taxes in 2021. Meanwhile, 45% of financial professionals surveyed said there’s at least a 50/50 chance that the estate tax will be expanded in 2021. The Biden tax plan would expand the estate tax by slashing the $11.58 million currently exempt to $3.5 million. That suddenly would mean the estate tax would suddenly apply to millions of families who fail to plan family wealth transfers by the end of 2020.
Financial professionals are essentially predicting that millions of Americans bout to go over a tax cliff unless they act by the end of the year.
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