What You Need to Know About the Pending Tax Legislation

Anytime there is a new president in office, you can expect there to be sweeping legislative changes proposed within the first year of office. There will definitely be proposals related to taxes. After all, the taxes we pay account for roughly 93% of federal revenue. Even though President Biden’s proposed plans have not yet passed, it is a good idea to understand which items may affect you and your business. Here are some things you should know:

As proposed changes are batted around by our elected officials, small business owners are awaiting the final results to understand their true impact, if any. Budgeting, planning, staffing, and more can be affected. You should not make any immediate decisions based on these potential changes, but you should understand what the impact could mean to you. If you are currently taxed as a C-corporation and are a small business, then you should explore the risks and benefits of changing to an S-corporation. If you are in plans to sell your business, you will want to check with your financial advisor on how the capital gains increase could affect you.

At IOOGO, we keep watch on legislation that may affect business owners, and can help you navigate your business through changing waters. Contact us today!



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