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2020 YEAR END TAX PLANNING FOR INDIVIDUALS
If suggested end-of-year strategies are a little different this year, it’s because the year itself was different. What began as a normal filing season was extended to July 15, 2020, and other ramifications of the COVID-19 pandemic — quarantine in place, working from home, unemployment, CARES Act legislative issues, social turmoil, all with a hugely meaningful presidential election. For 2020 there is a lot to consider when reviewing year-end tax planning options that may be available to reduce your tax liability.
The following are some of the considerations we should explore when discussing the tax breaks from which you may benefit, as well as the strategies we can employ to help minimize your taxable income and resulting federal tax liability.
Please call us at your convenience so we can set up an appointment (in person, zoom, or telephone) to discuss your 2020 tax return and determine if any estimated tax payments may be due before year end.
Dave Bilger CPA
Barb Soltysiak CPA