With stocks closing today near an all-time record high, a good chance of an increase in Federal tax rates in 2021, and the deadline for end-of-year tax tactics closing in, this is a reminder to run a reality check on your retirement income plan.

The $1 trillion federal deficit, the soaring U.S. debt level to pay for entitlement, and changing political fortunes make it much more likely that income taxes will head higher.

Managing your tax bracket now — with the growing likelihood of a hike in federal income tax brackets — can lower your tax bill not just this year but next year, as well. This is especially timely for business owners with an interest in a pass-through entity, like an LLC, S corp, or a sole proprietorship.