Taxes may go up after the 2020 election -- here's how to protect yourself:
Taking steps to defer your federal income bill is usually a good idea, especially if you expect to be in the same or lower tax bracket in future years. If that assumption pans out, making moves that lower your current-year income will, at a minimum, put off the tax day of reckoning and leave you with more cash until the bill comes due. If your tax rate turns out to be lower in future years, deferring income into those years will cause the deferred amount to be taxed lower rates. Great.
The ultra-worst-case scenario is that most or all of these changes, and more, are imposed retroactively — starting with the 2020 tax year that will commence in just a few days. Yikes. Tax deferral that you might want to forego 1. Selling appreciated real estate for installment payments Installment sales postpone the recognition of taxable gains until installment payments are actually received. Postponed gains will probably be taxed at the rates for the years they are recognized. If rates go up, installment sellers will be penalized.
1. Contribute to Roth IRA Because qualified withdrawals from Roth IRAs are federal-income-tax-free, Roth accounts offer the opportunity for outright tax avoidance, as opposed to tax deferral. So, making annual contributions to a Roth IRA is an attractive option for those who expect to pay higher tax rates during retirement.
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