Tax news: The standard deduction has increased in 2021, which is good news for almost everyone. MFJ standard deduction increased from $24,800 to $25,100 and Single/MFS increased from $12,400 to $12,550. Our new 2021 Tax Cards should be available in about a month and will be mailed to you as soon as they are available.
If Joe Biden wins the presidential election: We’ve had a lot of questions about Biden’s proposed tax plan, and this Kiplinger.com article captures the plan best: Joe's Tax Plan. We do not believe anything will change next year, regardless of whomever wins. All efforts will be on Covid-19 and stimulus plans.
If Donald Trump wins, then taxes are scheduled to go up in 2026, and that is built into the current tax law. Given the deficit, it is doubtful that any Congress will change that law.
We’ll continue to do our best to ‘Make Every Dollar Count’ for every one of our clients! Meanwhile, have a wonderful weekend, and stay safe and healthy, wherever you are.
Your Clear Perspectives Team