Taxes can be frustrating, and tax planning can be challenging. The Senate approved a bipartisan, $1 trillion infrastructure bill. Now comes the hard part as it goes to the House of Representatives who have proposed a separate $3.5 trillion in new social spending and tax hikes. Read more to learn why these bills are important and possible actions investors can take related to tax planning.
President Biden recently unveiled the American Families and American Jobs Plan proposing that the government spend nearly $2 trillion on infrastructure and another $1.8 trillion on social programs which would be funded y tax hikes on the wealthy. Read more for a summary of some of the major tax proposals, their impact on you and the planning considerations you should review.
Are you the type of person who likes to be surprised? Some surprises in life can be exciting; however, you may prefer to not be surprised by Tax Day or your retirement finances. For those of you that like to plan ahead, I'd like to share some tips for filing your taxes and smart uses for your refund.