While many have called for the repeal of the cap on the state and local tax deduction, a group of lawmakers continue to debate ways to enhance the SALT deduction.
Students may want to consider using a Roth IRA to save some of their summer earnings.
Given the possibility of higher taxes in the future, investors may consider reviewing tax planning ideas and consider opportunities in the muni market.
A Biden administration proposal calls for a tax hike for corporations. If approved, it may impact how certain business owners structure their business.
Investors may want to consider certain strategies to hedge against the risk of higher taxes, including using a Roth IRA conversion.
In addition to broad relief measures, the latest pandemic relief bill includes several tax changes that could impact planning.