Planning for Taxes under President Biden's Administration
By the time you read this, Joseph R. Biden will be the 46th President of the United States. I want to let you know what is on my mind regarding taxes as we head into this new administration. There are things that you may be able to do to avoid higher taxes.
- Devise a gifting plan
- Analyze transferred basis versus adjusted inherited basis
- Analyze potential gains on capital assets
- Accelerate income and defer deductions
I cannot predict what will occur, but I feel it is in your best interest to prepare for higher income, estate, and gift taxes in the future, which could be as early as this year. If you wish to discuss these ideas or other issues, we can help you find a workable solution.