If you are a higher net worth taxpayer and you’re looking at doing something financially big like selling a business here in the next couple years, look at doing that in 2021 - it’ll be a better year with regard to taxes.
If you have a highly appreciated piece of property you’re looking to sell and it’ll be a taxable transaction, do it this year if it makes economic sense to do so.
Bottom line: if you’re looking to get some income now or in 2022, and you were relatively agnostic as to when, do it in 2021.
For some stuff that doesn’t take as much lead time, wait and see. For something you need to ramp up, think about whether you’ll do it now.
For help with decisions that have tax implications, please reach out to us to discuss.
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