Wolters Kluwer Tax Accounting looks at the various tax issues facing the self-employed Wolters Kluwer Tax Accounting: What: As the economy recovers, some people previously employed by businesses
Tax Advice for a New Administration
Legal tax experts Brady Cox and Jason Freeman offer personal and corporate guidance ahead of potential legislative changes.
By
Brady Cox and Jason Freeman
Published in
D CEO
April
2021
Image via Shutterstock
Brady Cox, Jackson Walker
Jason Freeman, Freeman Law
But there is one constant theme that cuts across both years: change. And with a shift in political control over the executive and legislative branches, significant federal income tax modifications may be on the way for individuals and businesses.
Although no tax proposals are formally on the table, there is every reason to believe that changes may be in store.
All eyes are on the Georgia Senate run-offs races to be decided on January 5, 2021.
The stakes couldn’t be higher, especially for those considering their pocket books, their small businesses, and their financial futures.
Georgia should be on the mind of every American taxpayer–especially every small business owner.
President-elect Joe Biden plans massive tax hikes that could hit nearly every American’s bank account. Small businesses, in particular, could get socked with much higher taxes.
But to enact his ambitious money-grab, Biden needs Democrats to win both of the Senate seats in the upcoming Georgia run-0ff. That would be enough to evenly divide the Senate, giving a Vice President Kamala Harris the ability to swing control of the Senate to the Democrats and cast the deciding vote on issues that are split along party lines like, for example, tax hikes.
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