Broker Check




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.

  • Effect of Cares Act Rebate on Your 2020 Tax Return
  • Filing Status
  • Standard Deduction versus Itemized Deductions
  • Medical Expenses, Health Savings Accounts and Flexible Savings Accounts
  • Charitable Contributions
  • Expenses Incurred while working from Home (Independent Contractor)
  • Sale of a Home or Discharge of Qualified Home Debt
  • Deduction for Mortgage Insurance Premiums
  • Deductions for Excess Business Losses
  • Qualified business income passthrough
  • Child & Dependent Tax Credit
  • Education Related Deductions and Credits
  • Credit for Sick Leave/Family leave for Self Employed Individuals
  • Retirement Planning, distributions and contributions
  • Life Events
  • Impact of Future Legislation

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