Blog

Category: End Of Year Taxes

Foresight is 2020: Year-End Tax Planning and Beyond

Foresight is 2020: Year End Tax Planning and Beyond

Posted By Lineweaver Financial Group
December 27, 2019 Category: Tax Planning, End Of Year Taxes, Taxes

It can be challenging to think through all the tax planning you need to do by the end of the year. There’s a lot to consider, and although it may seem early to think about taxes, now is the perfect time to make changes for tax filing after the new year. I always tell my clients, call me well before the new year, so we have time to plan ahead. After the new year, there’s nothing you can do about last year’s taxes.   One of the strategies our clients find most helpful are bunching deductions. Essentially, that means accelerating your write-offs into one year to try to get above the standard deduction. That was a challenge for many people last year since it was the first time for all of us filing under the Tax Cuts and Jobs Act of 2017, but this year the only change is a slightly increased standard deduction over last year - $24,400 for Married Filing Jointly, and $12,200 if you’re single. And, by bunching charitable gifts, medical expenses, or even your state and local taxes into one year, you may be able to realize significant savings. Just keep in mind real estate and state and local taxes are still capped at $10,000.   Another useful strategy is what’s call the Backdoor Roth. Essentially, this is a way for people with high incomes to sidestep the Roth’s income limits. Basically, you fund a traditional IRA and then convert it. That’s good news because it then allows your money to grow tax-free. But, it can be complicat

Categories
General (39)
Newsletter (33)
Economic Commentary (18)
Retirement (15)
Retirement Planning (14)
Letter From The President (14)
Financial Planning (11)
Tax (11)
Finance (10)
Healthwatch (10)
Educational (10)
Lineweaver (10)
Taxes (8)
Market Commentary (8)
Tax Planning (7)
Commentary (7)
Q3 (7)
Education Programs (6)
Economy (6)
Market (6)
IRA (4)
Estate Planning (4)
Social Security (4)
Bonds (4)
LFG (4)
Health (4)
Trump (3)
(3)
2017 (3)
Market Review (3)
Insurance (3)
Tax Law (3)
Portfolio (3)
Interest Rates (3)
Diversification (3)
Real Estate (2)
Volatile Market (2)
Charity (2)
Social Security Benefits (2)
Stocks (2)
Q2 Newsletter (2)
Financial (2)
Coordination (2)
Annuities (2)
Annuity (2)
Rising Interest Rates (2)
Tax Cuts And Jobs Act (2)
Investing (2)
2019 (2)
Strategies (2)
HealthWatch (2)
Economic Outlook (2)
Election (2)
2016 (2)
Tax Scams (2)
High Income (2)
Investments (2)
Financial Strategies (2)
Brexit Update (2)
Client Spotlight (2)
Fraud (2)
Market Update (2)
Wills (1)
Bloodline Trust (1)
Keeping Your Mind Sharp (1)
Congress (1)
Traditional Ira (1)
Legal (1)
Q2 2019 (1)
Chad Roope (1)
Trusts (1)
Sring Cleaning Your Finances (1)
Roth Ira (1)
Roth Conversion (1)
2018 (1)
Cooking (1)
David Baker (1)
Screens (1)
Financial Quarterback (1)
Quarterly Newsletter (1)
James Lineweaver (1)
Exercising (1)
Vacation Home (1)
Eye Strain (1)
Market Outlook (1)
Financial Goals (1)
Anne Graffice (1)
Jim Lineweaver (1)
Vacation From Investments (1)
New Years Resolutions (1)
Healthy (1)
Tips (1)
Q1 (1)
Marital Trust (1)
Pro Football Hall Of Fame (1)
Statements (1)
Charitable (1)
Sell In May And Go Away (1)
Your Retirement Playbook (1)
Stimulus (1)
Nutrition (1)
Steps (1)
Probiotics (1)
2020 (1)
2020Q3 (1)
Medicare (1)
Medicare Supplements (1)
2020Q4 (1)
CARES (1)
Markets Don\'t Pick Sides (1)
Sleep (1)
Healthy Living (1)
2021 Outlook (1)
Eductional (1)
News (1)
Awards (1)
Crain\'s (1)
CARES Act (1)
Black Swan (1)
Stock (1)
Checking (1)
Buy (1)
Sell (1)
Dementia (1)
Review (1)
Credit Unions (1)
Pse (1)
Big Banks (1)
Savings (1)
Banking (1)
Tax Strategies (1)
Longterm Care (1)
Healthcare (1)
Elder Law (1)
POA (1)
Power Of Attorney (1)
In Laws (1)
Donations (1)
End Of Year Taxes (1)
Inheritance (1)
Top Financial Strategies Of The Wealthy (1)
Q3 Newsletter (1)
Policy (1)
Legacy (1)
Retiring (1)
Self Employed (1)
Business Owners (1)
Annuity Alternatives (1)
Life Insurance (1)
Dividend (1)
Bonds Ladder (1)
Roth (1)
Retire (1)
Donor Advised Fund (1)
Private Foundation Charitable Lead Trust (1)
Charitable Remainder Trust (1)
Growing Your Wealth (1)
REITs (1)
Risk Management (1)
Protection (1)
North Korea (1)
Retire Early (1)
Q1 2017 Newsletter (1)
Lineweaver Wealth Advisors (1)
Gifting (1)
Retirement Tips (1)
Financial Advice (1)
Financial Advisor (1)
Social Security Planning (1)
Charitable Contributions (1)
Women And Money (1)
Service Day (1)
Harvest For Hunger (1)
Candidates (1)
Winter 2017 (1)
Politics (1)
Fall 2016 (1)
Financial Health (1)
Holiday Planning (1)
Stockpile (1)
Holiday Gifts (1)
1st Quarter (1)
2016 Market (1)
Conflict (1)
Mutual Funds (1)
Summer (1)
Bruce Motko (1)
Tariffs (1)
NAFTA (1)
Trading (1)
New Tax Law (1)
529 Plans (1)
Charitable Giving (1)
Q2 (1)
New Website (1)
Travel Tips (1)
RMD (1)
Travel (1)
Markets (1)
Drink Water (1)
Market Volatility (1)
Cryptocurrency (1)
Investment (1)
Bitcoin (1)
Advice (1)
Distribution (1)
Reallocation (1)
Expense (1)
Introducing (1)
Costs (1)
401(k) (1)
Equifax (1)
Mark Sipos (1)
2017 Q4 (1)
Identity Theft (1)
Third Quarter (1)
Tax Cuts And Job Act (1)
Kids (1)
Market Pullback (1)
Grand Kids (1)
Tax Cuts (1)
Jobs (1)
Lose Weight (1)
Eat More (1)
Market Review 2017 (1)
Letter From The President New Years Resolutions (1)
Transfer Real Estate (1)
Defer Tax (1)
Investment. Advisers (1)
+ Show More

Terms and Conditions | Privacy Policy | Disclosures

Lineweaver Financial Group ©
Powered by Virteom Logo Virteom