Riding the Tax Law Wave: Planning Strategies in a Sea of Change

Nearing the end of the year is an important time to consider any tax planning opportunities that may be available to you before ringing in the new year. This year in particular there are several tax scenarios that must be factored in before any planning strategies are implemented: we have tax laws that were previously instituted that are still in effect; we have the current tax laws put in place by President Trump in 2017 under the Tax Cuts and Jobs Act; and with an election looming in November, there are Democratic presidential candidate Joe Biden’s potential tax proposals to consider.