Tax Warrior Chronicles

Proposed Capital Gains Rate Increase Impact on the Sale of a Family Business

Posted on Fri, Aug 27, 2021

By: Sherri Sorbello, CPA

 

Among President Biden’s tax proposals is an increase in the long-term capital gain tax rate from 20% to the top ordinary tax rate (37% for 2021 or 39.6% for 2022) for taxpayers with adjusted gross income (AGI) over $1 million. At the time of the publication of this blog, it is unclear if this change, if enacted, will be retroactive to a yet-to-be determined date in 2021 or if it will take effect as of January 1, 2022. For those looking to sell a family business, planning for the potential higher tax rate is essential to ensure you net the greatest cash flow from the sale of a business.

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Avoiding April 15th Sticker Shock: Additional Medicare Tax May Warrant Strategic Adjustments

Posted on Wed, Jul 10, 2013

 

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