Did you follow our coverage of personal financial planning news this week? Take our quiz to find out. Answers are shown below the article.
- More than two-thirds of financial professionals surveyed by a leading continuing education website say the odds of a 12.4% hike in 2021 on high-income earners are greater than 50/50.
- Forty-five percent of financial professionals say there's at least a 50/50 chance that the estate tax will be expanded in 2021.
- Financial professionals predict that millions of Americans are about to get slammed with much higher taxes unless they act by the end of the year.
- Assuming the 12.4% payroll tax increase proposed by President-Elect Joseph R. Biden does indeed go into effect next year, shifting income into 2020 before the end of this year could save business owners, as well as doctors, dentists, and other professionals who are employees, tens of thousands of dollars in taxes in 2021.
- President-Elect Biden's tax plan would slash the $11.58 million currently exempt from estate taxes to:
- $7.5 million
- $3.5 million
- $1.1 million
- None of the above
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