Craig Wear, CFP® explains that their firm runs scenarios showing higher or lower tax rates but bases analysis on current law. He notes an upcoming election with candidates holding sharply different tax-policy positions, but stresses that uncertainty is not a reason to wait — clients should start planning now because 2025 will be the same as the current year, allowing immediate action for this year and next.
We do run a lot of cases that show a higher tax rate or a lower tax rate, but really, we just like to run our analysis based on what we know exists in the law today. And, of course, we've got an election coming up, and each candidate, I mean, they couldn't be more polar opposites about how they're going to deal with taxes. And so that's something that we're going to be watching. But it's not a reason to wait. It's a reason to get started now, while you know what the deal is, Tom. And we even know that 2025 is going to be the same as it is today. So at least you can get started and get this year and next year taken care of.
