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David L. Blain, CFA, is CEO and Founder of BlueSky Wealth Advisors, and author of “Invest in Your Life, Not Just Your Portfolio.”

As we advance into the 2020 tax filing season, David L. Blain, CFA, looks ahead at the proposed tax planning changes in 2021. Under the new administration, several policy changes have been proposed to target high-income earners reporting $400k or more of income per year. These changes could have severe consequences for business owners nationwide and high-income earners in states like California, Oregon, and Washington. In his 5th episode of the 2021 Financial Forecast Series, David reviews the proposed tax reforms and outlines the techniques and strategies for continued financial success. 

2021 Financial Forecast Series | Tax Reform | Episode 5 – Part 1

Highlights from Part 1:

0:00 – 3:00 | Introduction & Disclaimers

3:01 – 5:42 | Retroactive Changes to the Tax Law, Past Examples, Legality of Retroactive Tax Changes, Lack of Commonality for New Retroactive Laws

5:43 – 6:41 | Summary of Biden Administration Tax Theme, Primary Target of Tax Updates

6:42 – 9:16 | Social Security Tax Updates, Planning Opportunities for High-Income Earners

9:17 – 13:26 | Changes to the Highest Tax Bracket, Maximum Brackets Increasing, Strategies for the Most Affected Group, Techniques to Accelerate Income

13:27 – 17:39 | Proposed Capital Gains & Qualified Dividends Tax Rate Increases to Ordinary Income Tax, Strategies and Techniques to Curb Capital Gains Tax

2021 Financial Forecast Series | Tax Reform | Episode 5 – Part 2

Highlights from Part 2:

0:00 – 4:01 | Itemized Deductions: Lower Cap Value of Itemized Deductions, Tax Deductions for High-Income Earners, Donor-Advised Funds, Removing SALT Cap, Pease Limitation

4:02 – 5:56 | Business Planning: Phasing Out the Qualified Business Income Deduction for Anyone Above $400k, Typical Rebound and Planning Strategies to Legally Minimize Tax Bills

5:57 – 7:36 | Proposed Expansion of Earned Income Tax Credit, Number One Abused Area of Tax Code

7:37 – 9:05 | Expanding the Dependent Care Credit, Limit Increase 

9:06 – 9:19 | Proposed First-Time Home Buyers Credit

9:20 – 10:34 | Business Tax Planning, Increasing Corporate Tax Rate, New Corporate AMT, Electric Vehicle Credit

10:35 – 12:17 | Summary & Closing Recommendations for a Flexible and Diversified Tax Strategy

Next Episode:

Estate Planning | Episode 6 – Click here to view.

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