Planning Newsletter - Oct 2021
Planning Newsletter (click image to open newsletter)
Single taxpayers with taxable income less than $400,000 and married filing jointly (MFJ) taxpayers with taxable income less than $450,000 should not see much change in the taxes they pay as a result of the changes under the new Biden tax plan.
Some taxpayers with income below $400,000 and $450,000 could see tax reductions due to the return of the state and local tax deduction.
If your income is above this $400,000 and $450,000, expect your taxes to go up.
Top marginal tax rates may go back to 39.6%.