Candidates run campaigns on promises and plans, but that doesn’t mean they ever come to fruition. The Biden administration will maintain a Democratic majority in both the House and the Senate for at least the next two years, giving him a greater opportunity to push through his agenda. However, in light of more pressing concerns, don’t expect quick action on his tax proposals.
Senior Citizens: Biden is proposing tax benefit changes for seniors paying for long-term care insurance using their retirement savings. He wants to allow low-wage workers over age 65 to claim the earned income tax credit. Additionally, he’s pushing for a new $5,000 tax credit for “informal” caregivers such as family members.
Climate Change: Biden continues to push for a “Clean Energy Revolution” to slow the effects of climate change. This program includes restoring the electric vehicle tax credit, driving tax breaks for energy-efficient homes, and increasing tax incentives for carbon capture, use, and storage.
Opportunity Zones: Under this program, you can defer capital gains from selling a business or personal property by investing the proceeds in qualified opportunity funds (QOF), investments in economically distressed communities. Keep your money in the fund for five years, and your taxable gain on the original sale of the property is reduced by 10%; wait seven years and get an additional 5%. If you wait for ten years, the QOF investment is tax-free!
Disabled People: The President is looking to expand access to ABLE Savings Accounts through an Age Adjustment Act. This would make these accounts available to six million additional adults with disabilities, including one million veterans. He’s also pushing for business tax credits when companies hire a person with a disability or make accessibility improvements.
There’s much more to President Biden’s tax plan – some positive and some negative – that could affect your wallet, so it’s worth talking to a financial professional about any changes you need to make today. Call us at (540) 720-5656, and let’s review your retirement savings plan and make any necessary changes.
Amy Anderson joined the ILG Financial team in 2023 as the client relations coordinator. Her responsibilities include scheduling of appointments, annual check-up notifications, and annuity and required minimum distribution assistance. She is a graduate of Harding University with a degree in Computer Information Systems. Amy and her husband have two children and she enjoys reading, crocheting, music and spending time with her family.
Chase Lopez joined the ILG Financial team in 2020 as an advisor. Chase is a 2016 James Madison University graduate with a degree in management. Chase has been trained under the tutelage of Dave Lopez, who is not only the founder and managing member of ILG Financial, but also is Chase’s uncle and godfather. He also enjoys working alongside his cousin, Megan, who is Dave’s daughter. Chase, as a fiduciary, believes in putting his clients interests first, and building out plans for his clients where they can have a happy and fruitful retirement. He married his beautiful wife in February 2022 and both use most of their free time chasing around their little pup, Aurora.
Jessica Carson joined the ILG Financial team in 2018 as an agent. Jessica and her husband have four children, two dogs, 3 barn cats, 5 chickens, and three parakeets. She indeed loves her children and pets! When not at work, Jessica enjoys playing the piano and cello as well as traveling and spending time outside with her family, hiking, fishing, and boating.
Terri Center joined the ILG Financial team in 2019 as client services manager. She handles client records, application processing, and gathering information to provide a professional and friendly experience with all of our clients. Terri is a graduate of Oakland University. She is married and has two children. She enjoys hiking, family time, and puzzle challenging video games. She also likes to share her creativity in her canvas paintings and sewing projects.
Megan Jones joined the ILG Financial team in 2020 as marketing director. Megan and her husband live in Fredericksburg, VA with their German Short Haired Pointer, Gus. Megan is a graduate of Longwood University and holds a degree in communications. Megan is the oldest of Dave Lopez’s three children and not only enjoys working alongside her father, but also with her cousin, Chase, who joined the ILG Financial team in 2020 as an advisor. When not at work, Megan enjoys sitting on the back porch with family and friends enjoying food and music.