Physical Address

304 North Cardinal St.
Dorchester Center, MA 02124

Your Guide to Tax Efficiency in 2021 and Beyond

As a result of the pandemic, state and federal deficits have risen to unprecedented levels, making it likely that taxes will increase in the coming years for wealthy individuals, particularly those who live in certain states with significant budget deficits.

President-elect Joe Biden campaigned to eliminate many of the tax cuts enacted by President Donald Trump’s administration and place higher taxes on the wealthy. The federal tax overhaul signed into law by Trump in 2017 reduced individual income tax brackets. The overhaul’s income tax provisions will expire in 2025 unless there is further legislation to make the cuts permanent, and the tax bill could be repealed sooner.

As we begin a new year, wealthy taxpayers should take the time now to prepare for the possibility of higher taxes. A multiyear tax planning approach is essential when considering how to combat future tax increases.

Sarah Goldberg
Sarah Goldberg

Sarah is a seasoned financial market expert with a decade of experience. She's known for her analytical skills, attention to detail, and ability to communicate complex financial concepts. She holds a Bachelor's degree in Finance, is a licensed financial advisor, and enjoys reading and traveling in her free time.

Articles: 832