As we are discussing during our year-end tax planning meetings with all of our McDonald’s clients, President-Elect Joe Biden has expressed support for major changes to federal income tax laws, including both businesses and individuals, which would affect McDonald’s Owner/Operators.
With control of the Senate still up in the air, it’s unknown which of his plans may come to fruition, but it’s still wise to learn about his plans, especially as you start working on year-end tax planning. For a more detailed explanation of the changes supported by Biden, refer to our previous article found here.
We’ve studied his tax plans and have run some examples of what Biden’s tax plans could potentially cost a McDonald’s franchisee if they became law. Learn how you might be impacted in our example below.