Congress has been debating a number of big bills that contain tax changes. Some of the proposed changes are favorable; many are not. All of them may affect your bottom line. Final tax changes may not be known for weeks, and many won’t take effect until 2022. Nonetheless, pay attention now…year-end tax planning may be completely different this year than in prior years.
Tax rate changes in 2021
Whether your business is a C corporation or a pass-through entity (S corporation, partnership, LLC, or sole proprietorship), tax rates likely are going to change starting in 2022.
