October 13, 2020

How the Presidential Election Could Impact Your Taxes

As election season comes to a head, taxpayers across the country are wondering how their families and businesses could be impacted by the results. Both candidates have proposed their own versions and iterations of the tax law if the election works in their favor. Below we discuss the main provisions that would impact individuals and businesses and the points of each proposal.

Impacts on Individuals

Below are the major tax impacts on taxpayers based on each candidate’s proposal.

Impacts on Businesses

Below are the major tax impacts on businesses based on each candidate’s proposal.

Learn more about Qualified Improvement Property, Qualified Opportunity Zones or rules for Net Operating Leases.

Anders will be keeping up with tax impacts as a result of the presidential election and COVID-19. If you have any questions about year-end planning and how the tax proposals could impact you or your business, contact an Anders advisor below.  

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