How Biden's Tax Proposal Will Affect You!
If you are a business owner, based on President Biden’s 2022 budget proposal, 2 things may affect you immediately. 1) If you have a taxable income of above 500K, your bracket may increase from 37% to 39.6%. 2) If your business entity is a C-Corporation and you have been enjoying a fairly low corporate tax rate of 21%, this rate may soon increase to 28%, which may significantly impact certain companies. #tax #business #smallbusiness #taxes
Implementing proactive tax planning is valuable in times like this. Not sure what to expect and how you would benefit from tax planning? Please do not hesitate to call us at (832) 295-3353 to schedule a tax planning introduction meeting. You can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. Last but not least, please like and share our daily posts.