Tax topics to address for the end of the year 2021

One of the most overlooked areas of financial planning remains income & wealth tax planning, and I mean forward looking problem solving planning that address clients current tax situation, their future tax obligations and the ever changing tax environment. The last five years have been monumental for tax planning and having a financial planning team that understands importance of navigating the complex tax environment is more crucial than ever. In a very short period of time we have seen significant tax changes from the Tax Cuts and Jobs Act (TCJA) of 2017; The Setting Every Community Up for Retirement Enhancement (SECURE) Act; The Coronavirus Aid, Relief, and Economic Security (CARES) Act; the Consolidated Appropriations Act; and the American Rescue Plan of 2021. If that doesn’t have your head spinning we are on the brink of another major tax overhaul pending the passing of the Build Back Better Act, Spending Plan and Infrastructure Bill. All of these have made an already confusing tax system mindbogglingly complex, however we are helping clients navigate and plan with sound tax planning strategies. Below is a great resource about potential year end strategies for tax leverage, savings and creating generational wealth.