Are you worried about your income taxes going up? Worried that our politicians will increase our taxes? Have you ever hear the term deficit neutral? Well, honestly, deficit neutral is a "hidden term" for tax increase. Will taxes go up, and the definite answer is YES. Former President Bush passed a 1.35 trillion dollar tax cut in 2001, this tax cut is set to "sunset" or go away at the end of next year. If this happens, your tax rates will go up by several percentage points. We have several credits that will either expire, or be reduced as well. If they expire as scheduled, taxes will go up...
What is next? Prepare yourself; make sure that you are taking all of the legal deductions possible. Plan, Plan, Plan...make sure you know where you are going, and how to get there. Focus on what you do best, get people in your corner that compliment your weaknesses. Make your business the priority and make it more profitable. Remember, it is better to make the money and pay the taxes than it is not to make the money at all. From a wealth perspective, it is better…maybe not a reduction of tax perspective, but lets look at the big picture.
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