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With the upcoming election, there’s a lot of focus on how the results could shape future tax policy. One key issue on the table? The possible sunsetting of the $10K cap on income and property tax deductions in 2026. For those living in high-tax states, this cap has been a significant financial burden, and depending on the election outcome, there could be changes that bring more flexibility. Beyond that, the election will likely influence discussions around income caps and tax reductions for families with dependents. These potential shifts could have a big impact on tax planning for many households, so staying informed is more important than ever. And we can’t ignore the looming expiration of the Trump tax cuts. Depending on who takes office, we could see tax rates rise across various income brackets if those cuts expire. This would affect not only individuals but also business owners and investors. Now is the perfect time to start thinking about how the election might impact your financial plan. As we head into the election season, tax policy is going to be a key issue to watch. The decisions made in Washington over the next few months will have long-lasting effects, so make sure you’re ready for whatever comes next! #TaxPlanning2024 #ElectionImpact #TrumpTaxCuts #FinancialStrategy

One of my clients came to me with a seven-figure tax bill. That’s the kind of tax bill that makes you stop and reconsider everything. Needless to say that this bill was the last straw. He decided enough was enough, packed up his family, and moved to a tax-free country. This move wasn't just about escaping a hefty tax bill; it was a strategic decision made during his peak earning years, which significantly altered his financial landscape. Many don't realise the profound impact that moving overseas can have, especially if done during your highest income years. In cases like this, it could mean the difference between losing or keeping an additional million. Remember, you don’t have to wait for a daunting tax bill to consider your options. Being proactive about your financial planning can prevent such extremes. Wondering how you can start planning your tax strategy or where to begin? Reach out. #taxtips #taxes #financialeducation #financialliteracy #moveabroad #livingabroad #HNWI #globalmobility

💡 Bond 2024 FAQ: How will Bond 2024 affect my taxes? If voters approve all three propositions this November, the potential increase is 1 cent to the I&S tax rate. The Willis ISD Board of Trustees has managed to maintain a fiscally conservative tax rate, lowering the overall tax rate by more than 31 cents over the last six years. Use the Tax Impact Calculator on our Bond 2024 website to see how this could affect you as a homeowner. Examples: 🏠 $250,000 home = $1.25 estimated monthly impact, $15 annual impact. 🏠 $350,000 home = $2.08 estimated monthly impact, $25 annual impact. 🏠 $450,000 home = $2.92 estimated monthly impact, $35 annual impact. Use the Tax Impact Calculator ➡ https://lnkd.in/gGY6nBKs View Willis ISD's Tax Rate History ➡ https://lnkd.in/gSFKyYmN Residents 65 and over who have received the age 65+ exemption on their homestead will not see an increase in school taxes beyond their frozen level. Learn more about the 65+ exemption ➡ https://lnkd.in/gwy_i6gQ #wearewillis #bond #bond2024 #bondelection #electionday #november5 #election

As November 5 approaches, the candidates’ contrasting tax proposals are at the center of the election. What do investors need to know to keep things in perspective? Read our #portfoliomanagerinsights to learn more: https://lnkd.in/gqcTE6fN

"***Are you prepared for the (potential) end of the Tax Cuts and Jobs Act?*** Unless renewed, the current tax bill is set to expire at the end of 2025. This next election will likely set the stage for how your money is taxed for years to come. Don't be left behind wondering what happened. It's important to be aware of the implications NOW. Here's a link to a well-written and non-biased article with a crash course in everything you need to know: https://lnkd.in/g4pNkt2i... Give me a holler if you want to discuss how these proposed taxation changes might affect you and your hard-earned nest egg. #AnnuityProducers #GarrettBurrow #Annuities #Taxes

As November 5 approaches, the candidates’ contrasting tax proposals are at the center of the election. What do investors need to know to keep things in perspective? Read our #portfoliomanagerinsights to learn more: https://lnkd.in/gBdBGq9G

Massachusetts voters approved a 4% surtax on incomes over $1M, while 21 other states cut income taxes. Neighboring states like CT & VT raised estate tax thresholds, but MA remains among the least competitive. To stop the exodus, decisive tax reform is essential. Read our study: https://loom.ly/3-922kU #TaxPolicy #MassachusettsMigration #EconomicReform

As November 5 approaches, the candidates’ contrasting tax proposals are at the center of the election. What do investors need to know to keep things in perspective? Read our #portfoliomanagerinsights to learn more: https://lnkd.in/gx7zgNfu

As November 5 approaches, the candidates’ contrasting tax proposals are at the center of the election. What do investors need to know to keep things in perspective? Read our #portfoliomanagerinsights to learn more: https://lnkd.in/eAQS_eHk

As November 5 approaches, the candidates’ contrasting tax proposals are at the center of the election. What do investors need to know to keep things in perspective? Read our #portfoliomanagerinsights to learn more: https://lnkd.in/gJNrPMqs