$400,000 seems to be the central number inside the proposed Joe Biden tax plan. The candidate has stated repeatedly that those with taxable incomes of under $400,000 will not see a tax increase, while those with incomes above that threshold could see higher taxes of varying degrees. So, what does this mean?
For those with taxable incomes above $400,000, expect higher ordinary income tax rates, additional payroll taxes, capped itemized deductions, and a phase out of Qualified Business Income deduction.
The Tax Cuts and Jobs Act (TCJA) of 2017 sharply raised the standard deduction and placed limits on itemized deductions.
If your company makes sales to out-of- state buyers, do you need to collect state sales tax? Until recently, Supreme Court decisions from the 20th century declared that would not necessarily be the case.
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