In this episode, Greg Sarian CFP, CEO & Founder at Sarian Strategic Partners speaks with Lisa McLemore CPA, Tax Principal at RSM about the potential increase in tax rates and how that will affect tax planning for both executives and business owners. She shares some tips on how business owners should plan their taxes for 2020 and forward.
Listen in to learn some strategies on how to minimize tax impact for both people building first-generation wealth or multigenerational wealth.
What you will learn:
- [1:39] How people are going to accelerate tax income while holding deductions for 2021 and forward when the rates move.
- [4:52] The importance of business owners holding losses into 2021 which may be valuable in the future.
- [7:47] The value of using evaluation professionals for those looking to monetize and pursue gifting strategies.
- [8:19] Why this is the best time to move significant money and wealth without adverse tax impactors.
- [10:50] How people are starting to think of more than wealth management and looking more into the lowest state tax rates in a bid to maintain their wealth.
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