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2023 Tax Calendar
VIEWpoint Issue 2 | 2022
Inflation Reduction Act: Highlights of Key Changes for You and Yo...
The 2022 Gift Tax Return Deadline Is Coming Up Soon
HUD Strengthens the Effects Test
President Biden’s Proposed Budget Includes Notable Tax Provis...
With a new administration in the Oval Office, business owners considering to sell their business in the near future should take into account the impact of President Biden’s proposed capital gains tax increases before taking any next steps.
The long-term capital gains tax held its position at 20% since the early 1980s. However, it was recently retained in 2017 by the Tax Cuts and Jobs Act (TCJA) for income over $434,550. Accompanying the preferential tax rate on long-term capital gains in the TCJA was a decreased income tax rate of 37% for the country’s highest-earners above $518,700. These incentives have been appealing motivators in recent years for business owners to sell as a result of higher net after tax proceeds.
Before you decide to sell your business, read Doeren Mayhew Capital Advisors‘ latest article for more information about these potential tax increases, the impact on future deals and how to plan ahead.
Securities offered through Doeren Mayhew Capital Advisors, LLC. Member FINRA/SIPC. Doeren Mayhew is an independent firm affiliated with Moore Global Network Limited.
This publication is distributed for informational purposes only, with the understanding that Doeren Mayhew is not rendering legal, accounting, or other professional opinions on specific facts for matters, and, accordingly, assumes no liability whatsoever in connection with its use. Should the reader have any questions regarding any of the news articles, it is recommended that a Doeren Mayhew representative be contacted.
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