What You Should Know About The SECURE Act!
The SECURE Act contains quite a few changes that impact both individuals and business owners.
The SECURE Act contains quite a few changes that impact both individuals and business owners.
Typically, small business owners are the active managers of their businesses, are heavily invested in their businesses, and generally rely on a small number of important accounts and suppliers. Also, in most, if not all, cases no secondary market exists for easy valuation and quick disposition of ownership.
Few people think about this – and I wish I could be the smart guy that thought of this for this post, but I wasn’t . It’s something called the widow’s penalty tax; it affects the surviving spouse.
As you may or may not know, the Tax Cuts and Jobs Act is due to expire at the end of next year – just 16 months from now. The Biden Administration has proposed new tax increases worth knowing about.
If you are one of those asking the ‘will my money last’ question, there’s a way you can find out just what your probabilities are!