Date: September 1, 2020
Many individuals and business owners don’t understand the super-technical descriptions of each candidate’s plan or how it will affect them. Some just get so overwhelmed they either ignore it altogether or just close their eyes and hope for the best.
No one wants to pay more in taxes than they are right now. It’s especially important for entrepreneurs during this time because of all of the other challenges currently stacked up against them.
There are so many other pressing headlines in the news each day with civil unrest, a global health pandemic, and unemployment rates continue to climb. It’s hard to navigate the tumultuous waters we all find ourselves in right now.
Here are some tips to help you prepare, regardless of who wins.
Ask your accountant for help – your financial professional should be able to help you understand the potential implications or risk exposures in your business. ASK THEM how you can protect your interests and save more in taxes.
Do your homework – Google can be your best friend or your worst enemy. Knowing where to look is half the battle. Aside from leveraging the financial expertise of the professionals in your corner, you’ve got to be able to identify credible sources and differentiate them from the ‘fake news’ sources so you can verify the guidance you’ve received. Here are the sources from the images above: Biden’s Tax Plan Trump’s Tax Plan
Vote – while tax implications are not the only guiding force when you make it to the ballots on election day, it is certainly a heavily weighted one. Exercise your democratic power to cast your vote for the candidate that you feel will best meet your needs (as a business owner and as a member of your community).
As a thank you for being a part of our community, I’d be happy to provide you with a complimentary risk-assessment to ensure you are not unknowingly paying more in taxes than you have to right now and in the future.