What are the main tax developments that accountants should be keeping an eye on for the rest of the year? The Biden administration means significant potential tax legislation changes across the board, but perhaps two of the biggest considerations are the potential for an increased tax bracket of 39.6% for those making $400,000 a year and over, and applying ordinary income tax rates for long-term capital gains and qualified dividends for those earning over $1 million annually. These changes could be especially impactful if new legislation is passed between now and the end of the year. How are you helping accountants keep up with those issues? If these tax proposals are passed, accelerating income while tax rates are comparatively low is one strategy to apply to offset future tax liabilities. As the pioneer of tax-smart wealth management, Avantax provides a robust technology platform and tax-savvy planning solutions to our financial and accounting professionals so they can help clients build true wealth. Our Tax-Loss Harvester and Capital Gains Analyzer are just two of the proprietary software tools that help our advisors identify potential tax savings and wealth management strategies in a fraction of the time it would take to do manually.
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