May 31, 2024
Hello, savvy investors and campground connoisseurs! Grab your popcorn and settle in, because today’s feature presentation is a real blockbuster. Spoiler alert: it’s President Biden proposing a capital gains tax hike that’ll make you want to hide your investments under the nearest mattress.
Imagine this: you’ve just sold a piece of land you’ve held onto for years, making a tidy profit of $100,000. Under the current tax rate, you’d owe Uncle Sam a reasonable $20,000. But wait—President Biden’s got a twist that would make M. Night Shyamalan proud. If his 2025 fiscal plan goes through, that tax rate could nearly double to 39.6%. That’s right, folks, your tax bill could skyrocket from $20,000 to a jaw-dropping $39,600. Talk about a cliffhanger!
Enter Donna Bordeaux, our fearless leader at Campground Accounting. With her progressive perspective on accounting and passion for helping clients explore growth options, Donna’s here to ensure you don’t get caught off guard by these seismic shifts. She’s been tracking the buzz around Biden’s budget proposals and has some sage advice: if you’re thinking of selling an investment, you might want to act fast before the taxman cometh with both hands outstretched.
So, what’s a capital gain, you ask? It’s the profit you pocket when you sell an investment—be it stocks, rental properties, or that charming piece of land you no longer need. Under Biden’s proposed changes, your federal income tax on those gains would leap higher than a kangaroo on a pogo stick. This isn’t just a small tweak; it’s a whopper of an increase that could leave you reeling from the financial impact.
At Campground Accounting, we understand the stress that comes with navigating potential tax changes. We’re here to help you press play on your bigger ideas without getting bogged down by operational overwhelm or decision fatigue. Whether you’re a legacy-builder, an entrepreneur, or a steward of a family business, we’re dedicated to breathing life into your investments and ensuring you never miss an opportunity, experience, exploration, or understanding.
Keep your eyes peeled and your ear to the ground as we continue to monitor these developments. Donna will keep you updated on the latest and greatest news, ensuring you’re always one step ahead of the game. After all, there’s more to taxes than being on time, and there’s definitely more to life than business.
Curious about how Biden’s proposal could impact your investments and what strategies can help you stay afloat? Dive into our full article for the comprehensive scoop!
What other tax-related topics would you like us to demystify in future posts?
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Donna Bordeaux, CPA with Campground Accounting
Creativity and CPAs don’t generally go together. Most people think of CPAs as nerdy accountants who can’t talk with people. Well, it’s time to break that stereotype. Lively, friendly, and knowledgeable can be a part of your relationship with your CPA, as demonstrated by Donna and Chad Bordeaux. They have over 50 years of combined experience as entrepreneurial CPAs. They’ve owned businesses and helped business owners exceed their wildest dreams. They have been able to help businesses earn many times more profit than the average business in the same industry and are passionate about helping industries that help families build great memories.