This has obviously been anything but an ordinary year and tax guidance has been issued to provide some relief. In 2020, Congress passed the CARES Acts, in response to the pandemic, and many of these provisions will help mitigate the financial impact of the disease, which should be considered as part of your yearend planning to take advantage of them and the effects of the Secure Act to decrease 2020 income tax liabilities for individuals and businesses. Many of these provisions are quite complicated and probably require the expertise of our tax professionals, but there are steps which can be taken prior to yearend to minimize your tax liability.
Minimize your tax liability by following the steps laid out for you in our 2020 Year End Tax Newsletter:
If you would like to speak to one of our tax specialists, please call: 1 (866) 760-0940 or visit our website to start the conversation HERE.