This year ushered in a new President and Congress, as well as new proposals that could significantly alter the tax landscape. As the uncertainty about possible changes continues to play out, you do not need to be idle. There are still planning strategies and steps you can take now to help potentially lower your 2021 tax liability and keep your financial plan on track into 2022. The deadline for implementing most investment-related strategies that could reduce your 2021 tax bill is December 31, 2021.
In this guide, you will find a number of valuable tips that may be appropriate for your situation and that you may be able to implement before the year ends.
Since state laws may vary from federal tax laws, be sure to discuss these points with your tax and legal advisors for state tax impacts.