Category: End Of Year Taxes
Foresight is 2020: Year-End Tax Planning and Beyond
It can be challenging to think through all the tax planning you need to do by the end of the year. Theres 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, theres nothing you can do about last years 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 youre single. And, by bunching charitable gifts, medical expenses, or even your state and local taxes into one year,
Virteom