Smart Tax Planning Strategies for 2021
Discover comprehensive tax planning advice for 2021, covering topics such as income tax, capital gains tax, estate planning, and more. Stay ahead with insights on minimizing tax liabilities and maximizing savings efficiently.
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Presentation Transcript
CPA CULTURE, TAXES & CPA CULTURE, TAXES & 2021 PLANNING 2021 PLANNING CHRIS FEHR, CPA SoarWithFFG.com
CPA Culture vs CPA Culture vs Massive Tax Massive Tax Savings Savings Traffic Light Tax Code Red Light: Stop and Pay Tax Income Tax Capital Gains Tax Net Investment Income Tax 3.8% Alternative Min. Tax Corporate vs Personal Income Tax
CPA Culture vs CPA Culture vs Massive Tax Massive Tax Savings Savings Green Light: Exception to Paying Tax Alternative Investments Charitable Strategies Change in Business Structure Maximize Tax Credits R&D Tax Credit Cost Segregation
Mindset Shift Red Light/Green Light Tax Savings this year vs Lifelong Tax Minimization Ownership vs Control CPA Culture CPA Culture vs Massive vs Massive Tax Savings Tax Savings
Biden or Sanders Plan Dramatically Lower Exemption Current Exemption - $11.7MM Higher Tax Rates Sanders Lowers Gift Tax Exemption to $1MM Elimination of Step Up in Basis Estate Estate Planning in Planning in 2021 2021
Estate Planning in Estate Planning in 2021 2021 A choice between A choice between Death and Taxes Death and Taxes
Wallet Hub Survey Highest Effective Income Tax 2nd Highest R/E Tax 3rd Highest Gas Tax $4MM Estate Threshold Massive Debt Replacement Tax Planning in Planning in Illinois Illinois
Over 100 Tools, Tactics, and Strategies Custom Combination of 3-7 for Optimum Results Ever Changing Laws Tax Code is only as Permanent as Last Administration Many CPAs and attorneys are a decade behind on tax planning My Financial Coach CFPs are Continuously Current 2021 2021 Solutions Solutions My Financial My Financial Coach Coach
The Free Bridge The Free Bridge I live in Alexandria, Virginia. Near the Supreme Court chambers is a toll bridge across the Potomac. When in a rush, I pay the dollar toll and get home early. However, I usually drive outside the downtown section of the city and cross the Potomac on a free bridge. This bridge was placed outside the downtown Washington, DC area to serve a useful social service, getting drivers to drive the extra miles and help alleviate congestion during the rush hour. If I went over the toll bridge and through the barrier without paying the toll, I would be committing tax evasion ...
The Free Bridge The Free Bridge If, however, I drive the extra mile and drive outside the city of Washington to the free bridge, I am using a legitimate, logical and suitable method of tax avoidance, and am performing a useful social service by doing so. For my tax evasion, I should be punished. For my tax avoidance, I should be commended. The tragedy of life today is that so few people know that the free bridge even exists. ~ Justice Louis Brandeis
