2020 Year-end Tax Planning for Business and Individuals

As the year-end approaches, individuals and business owners should review their situations to identify any opportunities for reducing, deferring or accelerating tax obligations. Areas that should be looked at in particular include tax reform provisions that remain in play, as well as new opportunities and relief granted earlier in 2020 under the CARES and SECURE Acts.

To help with planning, we have prepared 2020 year-end tax planning letters.  

In them you'll find guidance on:

For Individuals:

• 2020 Federal Income Tax Rate Brackets
• Projected 2021 Federal Income Tax Rate Brackets
• Long Term Capital Gains
• Social Security Tax
• Long-Term Insurance and Services
• Retirement Plan Contributions
• Foreign Earned Income Exclusion
• Alternative Minimum Tax
• Kiddie Tax
• Charitable Contributions
• Estate & Gift Taxes
• Simplified Employment Pension Plans
• Net Operating Losses
• Excess Business Loss Limitation

For Businesses:

• Finding Relief: Tax Strategies to Generate Immediate Cash Flow
• Optimizing Operations: Uncover Tax Relief Opportunities
• Moving Forward: Adopt New Business Strategies to Reimagine the Future
• Planning for What's Next: Be Prepared to Seize Opportunities

Click here to download the 2020 Year-end Tax Planning Letter for Businesses

Meeting with your trusted Tax Advisor is key to ensure that you're on the right track and headed into another successful year, as long as 2021 doesn't have any 2020 surprises. Your advisor can guide you through changes and can help explain what they mean for you.