1040 Extension Deadline Nears, Biden Administration Raises Taxes on the Wealthy


Top news today, 1040 extended due date. If you have applied for an extension for your 1040, October 15 is the last day to file your tax return. If you have not started, we urge you to start soon.


If you have suffered financial losses from the recent Hurricane Ida, you can include those losses as deductions when you file your 2020 tax return to obtain a refund.


For families and individuals who are making more than four hundred thousand dollars a year, it is very likely that the Biden administration will increase your income tax rate to 39.6%. There may also be an increase in the capital gains tax rate from 20% to 25%.


We urge all high-income earners to seriously consider tax planning for the year of 2021 because tax planning is becoming vital to minimize your tax bills.


Do you need proper tax planning to bring down your tax bills for 2021? If so, you can call us at (832) 295-3353. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php.


#tax #taxplanning #taxes #IRS #smallbusiness


Learn More:

https://www.cnbc.com/2021/09/22/why-white-house-democrats-use-400000-as-threshold-to-tax-the-rich.html

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