It has become a cliché in 2020, but what word other than “unprecedented” can be used to describe the events we’ve experienced this year? During such times, tax planning is far from top of mind. But it’s still important. Smart tax planning can provide much-needed financial relief to individuals and businesses that need it.
To take advantage of all available breaks, you need to be aware of some major changes under this year’s Coronavirus Aid, Relief and Economic Security (CARES) Act and last year’s Setting Every Community Up for Retirement Enhancement (SECURE) Act. You also can’t forget about the massive Tax Cuts and Jobs Act (TCJA) that generally went into effect two years ago but still impacts tax planning. Plus, it’s possible that there could be more tax law changes before year end — or that the potential for changes next year could affect 2020 planning.
This guide provides an overview of some of the most significant tax law changes going into effect this year and other key tax provisions you need to be aware of. It offers a variety of strategies for minimizing your taxes in the current tax environment. Use it to work closely with your tax advisor to identify the best strategies for your particular situation. He or she also can keep you apprised of any new tax law developments that might affect you.
As you look through the guide, please note the strategies and tax law provisions that apply to your situation or that you would like to know more about. Then contact us with any questions you may have about these or other tax matters.
As our client, you know that at Garbelman Winslow CPAs, our professionals are thoroughly familiar with the latest tax law developments and tax-reduction strategies, and are eager to help you take full advantage of them. So please contact us today at 301-599-9666 to schedule a time to talk about ways to lighten your tax burden and better achieve your financial objectives.
Click below to check out the 2020-2021 Garbelman Winslow CPAs Tax Planning Guide.