Now that the election is over, how is tax planning affected?

On, Mark A. Luscombe wrote a post “Tax Strategy: Post-Election Tax Planning” in which he addresses the issue of year-end tax planning being somewhat of a guessing game.

The post goes into detail surrounding the outcome of the Senate election. If the Republicans maintain control of the Senate, there is the possibility of year-end tax planning following more traditional strategies. This is especially important for self-employed individuals and being able to postpone income by postponing billing.

On the flip side, if the Senate flips Democratic, there is greater chance of tax increases in 2021, including greater tax rates for folks earning more than $400,000. This would completely change the normal year-end strategy.

This post on post-election tax planning is really interesting. You can read the complete piece by CLICKING HERE.