Fineman West’s 2021-22 Tax Planning Guide: Planning for Your Financial Future

Over the last two years, the only constant has been change, and that will likely continue as we head into 2022. Our 2021 – 2022 Tax Planning Guide provides information and planning tips to help you make sense of the complex and ever-evolving array of U.S. federal tax rules affecting individuals and their closely held businesses. Below are a few takeaways to support your tax planning journey:

• Paid leave and tax breaks. If you have employees that you retained and provided with paid leave during the pandemic, one silver lining is that you may be eligible for two payroll tax breaks through the employee retention credit and the paid leave credit.
• Remote workers may face unexpected tax consequences. If you domiciled in one state, but a resident of another, you may be required to pay taxes to both states on the same income. You may also owe income tax to the state where your employer is based. Many states offer relief from double taxation, but you may still find your tax burden is higher than usual.
• Several tax law changes have been proposed and may be passed before the end of the year. This could increase the top income tax rate and the long-term capital gains rate, and broaden payroll taxes to apply to more types of income.

To learn more about the details of these takeaways, download a copy of our 2021-2022 Tax Planning Guide here. Need additional assistance with tax planning? Contact us today at (213) 688-9898 or info@fwllp.com.