Anything you should keep in mind as the year comes to a close? How will taxes impact your future financial planning?
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Since we won’t know if the Republicans or Democrats will control the house until January, does that change how we strategize around taxes at the end of this year? President-elect Biden has already said he will raise taxes, so plan accordingly. What do you need to keep in mind now? Do you have a tax strategy?
Will your tax bracket be lower in the future? You may be under the impression that they are guaranteed to be lower later. It’s possible that your tax bracket will be lower, but there’s some uncertainty around taxes for the future.
Many small businesses are in a tough spot right now and many of them are scared of what taxes will be next year. Between COVID and taxes, there’s a lot of unknowns with the next several years for small business owners.
Finally, many people have chosen to refinance to take advantage of the lower interest rates. What does that mean though for people trying to save money in safer places like CDs?
Listen to the entire episode or click on the timestamps below to skip to a particular segment.
[0:16] – What should we do about taxes at the end of the year?
[2:54] – Will you be in a lower tax bracket in the future?
[5:24] – Small businesses may be especially nervous about potential taxes.
[8:29] – How much does it cost to borrow money?