02 Oct What to do in a Rising Tax Rate Environment
Many business owners had sticker shock last April when they filed their 2013 tax returns. The combination of a tax increase in legislation to avoid the “fiscal cliff” and new taxes imposed to fund the Affordable Care Act (“Obamacare”) caused the top tax rates on investment income to jump by ten percentage points in 2013. Average tax rates on wealthy investors are now the highest they’ve been in the past 35 years.
So what should you do?
You need to build a team of tax professionals to surround yourself and your business. The team starts with your CPA but will also need to include a tax attorney and numerous specialists in the 80,000 plus pages of tax code. To save you time there are firms that have built these teams, one such firm is Bridge Business Consultants. There are others, but probably none that have combined as many specialists in their individual fields as Bridge.