Taxes are NOT going up!?! Until the Build Back Better plan, or an alternative, is approved, there are no tax increases scheduled for 2022.
“The best time to plant an oak tree was 20 years ago, but the second best time is today.” This rings true for tax planning as well. You still have time to get your affairs organized so that you can reduce or avoid the impact of the PROPOSED tax changes that seem ready to get ushered into law in the coming weeks.
One notable component of the proposal is to increase capital gains taxes to 25% on couples with incomes over $450,000. If you have unrealized losses in your stock or crypto portfolio – you may want to take a closer look to decide if you should realize them in 2021 or wait until 2022.
If you’re not sure where to turn, you can ask the experts at Freedom. Email us at AskFreedom@freedomfamilyoffice.com