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As we approach another election year, a familiar pattern emerges—clients are beginning to worry. The prospect of Kamala Harris and Donald Trump potentially facing off in 2024 has many business owners asking pressing questions:
- “Who’s going to win?”
- “What does this mean for my business?”
- “Will I pay more in taxes?”
These concerns often lead to a wave of anxiety, with some clients considering drastic measures, such as moving abroad, liquidating assets, or making other significant decisions based solely on political speculation. While it’s generally unwise to make major changes based on uncertain election outcomes, this moment presents an opportunity for proactive tax planning.
At IRSProb.com, we help clients move beyond basic tax preparation, providing strategic advisory services that adapt to shifting policies and economic landscapes. Here’s what’s at stake—and how you can navigate these changes confidently.
What Could Change?
The tax policies of Kamala Harris and Donald Trump are sharply different, and each could have a significant impact on businesses and high-net-worth individuals. Here’s a look at some of the proposals:
Kamala Harris’s Proposed Tax Changes:
- Corporate tax rate raised to 28%
- 28% capital gains tax on income over $1 million
- Tax-free tips for service industry workers earning under $75,000
- A $6,000 tax credit for newborns
- 25% minimum tax on households with over $100 million in income
Donald Trump’s Proposed Tax Changes:
- Corporate tax rate lowered to 15%
- Tax-free Social Security benefits
- Permanency for the 2017 tax cuts
- Tax-free tips for all workers
These contrasting proposals bring both challenges and opportunities, depending on the business and individual tax bracket. Whether taxes will rise or fall across different sectors and income brackets depends largely on who takes office.
Why Proactive Tax Planning is Crucial—No Matter Who Wins
The uncertainty of election outcomes can easily cause clients to panic, but with a sound tax plan, you can turn that anxiety into strategy. Regardless of which candidate wins, tax planning allows you to take control of potential changes, preparing your business for any scenario.
Here’s how IRSProb.com helps business owners manage tax concerns and find proactive ways to minimize potential liabilities:
- Strategy Development at Multiple Levels
IRSProb.com guides business owners to explore tax-saving strategies that apply to their unique situations, from general business-level deductions to targeted strategies that impact specific operations. We focus on evaluating options across different levels, allowing businesses to understand the tax implications on a multi-year basis. - Entity-Level Planning
The structure of your business can impact its tax burden. Whether you operate as a corporation, partnership, or LLC, IRSProb.com helps you assess which entity choice could be more tax-efficient under different policy scenarios. For example, if corporate taxes rise, there may be benefits to pass-through structures, while a lower corporate tax rate may favor C Corporations. - Comprehensive Tax Strategy Proposals
In anticipation of potential policy shifts, IRSProb.com provides personalized tax proposals tailored to each business owner’s needs. These strategies might include revisiting capital gains treatment, exploring estate planning options, or taking advantage of industry-specific credits and deductions. - Understanding Income Shifting and Multi-Year Impacts
Tax planning isn’t just about the current year; IRSProb.com helps you map out strategies for multiple years. This forward-thinking approach can involve deferring income, accelerating expenses, or even shifting income to more favorable periods depending on the anticipated policy landscape.
Examples of Key Strategies
Depending on the potential changes, here are a few strategies that could benefit business owners:
- Income Timing: If corporate tax rates increase, consider accelerating income or deferring deductions to capture lower current rates.
- Capital Gains Planning: With a potential increase in capital gains tax on income over $1 million, high-net-worth business owners should carefully consider timing their capital gains, especially if planning for a significant asset sale.
- Employment and Payroll Adjustments: New rules affecting Social Security and Medicare taxes may incentivize restructuring how owners pay themselves from their businesses.
- Retirement Contributions: Changes to income brackets or marginal tax rates could influence the optimal timing and types of retirement contributions, benefiting those able to strategically defer or reallocate income.
Transform Election Anxiety into Planning Opportunities
The IRSProb.com approach to tax planning helps clients make informed choices, freeing them from the stress of political speculation. By working with our experienced tax professionals, you’re positioned to respond to policy shifts in a way that secures your financial stability and maximizes potential savings.
Take Charge of Your Tax Future
Instead of letting election-related worries lead to hasty decisions, let IRSProb.com guide you with a proactive, informed tax strategy that adapts to any election outcome. Our tax planning services provide clarity and insight, helping business owners like you navigate political uncertainty with confidence.
Ready to See the Difference?
With IRSProb.com, you can turn election jitters into strategic planning, ensuring that your business thrives regardless of who takes office. Connect with us today to explore tax strategies that meet your business’s unique needs—because true success lies in preparation, not speculation.
