Breaking Down Biden Administration’s 2023 Tax Plan

John goes LIVE to dive into the Biden Administration’s 2023 Tax Plan, breaking down the key changes and their potential impact on you.


2023 Tax Plan Simplified: Biden’s Changes Explained

We’ll try to simplify the complexities of the new tax policies, providing valuable tips and strategies for navigating the updated tax landscape.

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Loads of proposed changes:

There are a lot of proposed changes coming from the Biden administration, but they are still just that: proposals. We doubt many of these are likely to make it through Congress, but you should still be aware of the possibilities, and it’s good to know where the administration’s priorities lie.

I’ll cover the following proposals.

• Increase the Top Marginal Income Tax Rate for High Income Taxpayers
• Tax Rate on Qualified Dividends and Long-Term Capital Gains
• Transfers of Appreciated Property
• Minimum Tax on Wealthiest Taxpayers
• Grantor Trusts Changes
• Consistent Valuation of Promissory Notes
• Valuation Discounts
• Changes to Administration of Trusts and Estates
• Gift Tax Annual Exclusions and Crummey Powers
• Limit Duration of GST Exemption
• Net Investment Income Tax and Self-Employment Taxes
• Medicare Tax Rate for High Income Taxpayers
• Tax carried interests as ordinary income
• Repeal Section 1031 exchanges
• Limit Rollovers and Conversions to Designated Roth Accounts or Roth IRAs

End-of-Year Strategies for Irrevocable Gifting Trusts

As the year draws to a close, there are some crucial actions to take with an irrevocable gifting trust.

What to Do If You Receive an IRS Letter

Receiving a letter from the IRS might send shivers down your spine. So what's your first step? Is it always a cause for alarm? Let's walk through what you should do.

Why You Need a Trademark

We'll explain the the four main areas of intellectual property for business owners, why trademarks are crucial, and how to get your marks registered.

Schedule a call with Strohmeyer Law to discuss your legal and tax issues.

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