Planning Ahead After An Election Year
Dear Clients and Friends,
In our message last week, we talked about the importance of proactive tax planning, and shared a comparison chart of the two tax policy proposals, which we hope you found useful. With elections less than one week away, it’s important to also identify how the outcomes can affect your home state’s income tax as well. For example, in our home state of Illinois, taxpayers will be voting on the proposed ‘fair tax’ amendment, in which some changes include:
- Replacing the flat tax of 4.95% with an income-based tax from 4.75% to 7.95%; and
- Increasing the corporate and passthrough income tax rate.
2020 has been a year of adaptability for all including us here at CJBS. We have adapted by incorporating the latest industry technology and developing resources, including enabling our team members to safely work from home so we can effectively help you succeed.
As we all continue to deal with the challenges of juggling work and family responsibilities, we understand that tax planning might not be at the top of your priority list. However, all tax policy changes will affect our clients differently and if this is keeping you up at night, maybe it’s time to talk through it with us. We believe a listening ear makes all the difference, and if we can also offer concrete guidance about how to deal with it, that’s what we are here for! Looking forward to catching up.
Stay safe and healthy,
The CJBS team.