The CARES Act, a direct response to the economic turmoil caused by COVID-19, sought to provide economic support to millions of Americans. This support extended to the way taxes are filed and processed for 2020, creating additional benefits depending on your circumstances. Read on to learn five ways the events that took place in 2020 could affect your taxes.
#bestfinancialadvisorsinsandiego #topfinancialadvisorssandiego #fiduciaryfinancialadvisorsandiego #registeredinvestmentadvisorsandiego #financialplanningsandiego #certifiedfinancialplannersandiego #investmentmanagementsandiego #sandiegofiduciaryadvisor #sandiegofinancialfirms #independentfinancialadvisorfirm #investmentadvisoryfirm #financialplanningfirm #financialadvisorycompany #financialadvisoryfirmsandiego
With one of the most contentious elections in history behind us, President-elect Joseph R. Biden, Jr. is set to take office on January 20. In anticipation of a new administration, high earners especially are left wondering – how will the Biden presidency affect me financially? Until Biden takes office and begins enacting changes, we won’t know for sure what to expect. But based on his official campaign platform, past interviews and projections, we can better prepare ourselves for the potential changes to come.
Now that Inauguration Day is on the horizon, what challenges could this bring to high earners during a Biden administration?
The CARES Act was passed on March 27, 2020 amidst the onset of COVID-19 in America. The package included over $2 trillion in economic relief for businesses, workers, families and governments.1
Now, the year is almost over – and some benefits included in the CARES Act are expiring. Many Americans have relied on these benefits to make ends meet throughout the course of the pandemic, and there’s widespread uncertainty about benefits coming in the future.
As a Californian, you’re no stranger to high taxes. In fact, California comes in at number one for the country’s highest income tax – 13.3 percent.1 And if you’re a high earner, you could be subject to an even bigger tax hit soon with the country’s first proposed wealth tax.