What’s the difference between President Donald Trump’s current tax laws versus tax policies/proposals from President-elect Joe Biden? Toby Mathis and Jeff Webb of Anderson Advisors provide only the good, bad, and painful facts—not a partisan party. Do you have a tax question? Submit it to taxtuesday@andersonadvisors.

Highlights/Topics: 

What are the differences between Trump vs. Biden tax plans? Additional payroll taxes on high-earners

Increased income tax on high-income individuals

Increased capital gains rate imposed on high-income individuals

Tax wealth ideas include annual wealth tax and greater estate/gift taxes

Increase corporate income tax rate

Eliminate 199A

What should be done in 2020/2021, if you’re worried about tax increases? Gain Harvesting

Roth Conversion

100% AGI

Carryforward NOLs

Wait on Harvesting Losses

Gifting

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Resources:

Tax Toolbox

Here's where Biden and Trump stand on your taxes 

Tax Cuts and Jobs Act (TCJA)

Individual Retirement Arrangements (IRAs) 

Traditional and Roth IRAs

Unrelated Debt-Financed Income (UDFI)

Unrelated Business Income Tax (UBIT)

Rollovers as Business Start-ups (ROBS)

Capital Gains and Losses

Real Estate Professional Requirements

1031 Exchange

Alternative/Renewable Energy Tax Credits

State and Local Tax (SALT)

Section 199A

Bob Keebler

Opportunity Zones

U.S. Government Accountability Office (GAO)

Medicare

Social Security Administration

Self-Employment Tax

Credits and Deductions

Conservation Easements

Charitable Organizations

Pease Limitation on Itemized Deductions

Affordable Care Act (ACA)

Form 1040-NR

Wills and Trusts

CARES Act

Bonus Depreciation

Paycheck Protection Program (PPP)

Home Office Deduction

26 U.S. Code Section 280A

Tax-Wise Business Ownership by Toby Mathis

Toby Mathis

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