Paul Sullivan in his weekly Money Matters column writes about opportunities presented by the pandemic relief efforts, noting that government plans to ease the financial impact of the pandemic have created significant opportunities to reduce personal and business tax bills for years. Mr. Sullivan’s article begins as follows:
Adam Schwartz, who runs his family’s 100-year-old manufacturing company with his brother, Hy, has spent a month sifting through tax incentives for their business. At the same time, his wealth advisers have made him acutely aware of the personal tax planning options that the economic downturn has created.
Like most small-business owners, Mr. Schwartz said his primary goal was keeping the company, S&S Worldwide, which makes arts and crafts supplies for schools, camps and nursing homes, in a position to recover when the pandemic was over.
“Tax planning has been a multigenerational effort,” he said. “But we’re still fighting a battle on a week-to-week, month-to-month basis. We haven’t caught our breath to say, ‘Hey, this is a great time to transfer wealth to the next generation.’”
But for any entrepreneur or affluent individual, thinking through tax strategies now will reap benefits later.
Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.