From the team at LifeTime Tax Management.
With year-end approaching, this is the time of year we suggest possible year-end tax strategies for our clients. But since there has never been a year quite like 2020, we think it is safe to say that year-end tax planning is going to be the trickiest in recent memory.
These two letters are designed to bring you up-to-date on the most significant tax provisions that could impact your year-end planning. But please note: We suggest you call our office before implementing any tax planning technique discussed in these letters. You cannot properly evaluate a particular planning strategy without calculating your overall tax liability with and without that strategy.
2020 Year-End Letter for BUSINESSES
(Click here to download our 2020 BUSINESS YEAR END LETTER)
We start this letter with a listing of selected historic business tax breaks scheduled to expire at the end of 2020. We then discuss selected COVID-related tax provisions that are most likely to impact businesses. We conclude this letter by highlighting certain time-honored, year-end tax planning techniques many businesses should consider notwithstanding the uncertain times we are currently experiencing. Click here to learn more by downloading our 2020 YEAR END LETTER for BUSINESSES.
2020 Year-End Letter for INDIVIDUALS
(Click here to download our 2020 INDIVIDUAL YEAR END LETTER)
For well over a decade, we have been faced with the off-and-on expiration of a long list of popular tax breaks. Historically, Congress has temporarily extended the majority of these tax breaks every few years. However, several popular tax breaks for individuals are scheduled to expire at the end of 2020, and Congress has yet to extend them. Some of the more popular tax breaks scheduled to expire at the end of 2020. Click here to learn more by downloading our 2020 YEAR END LETTER for INDIVIDUALS FILING PERSONAL RETURNS.