With the end of the year fast approaching, now is the time to start implementing effective tax planning strategies that may help lower your income taxes for 2020 and beyond. Year-end planning takes place against the backdrop of the continued release of guidance on the landmark Tax Cuts and Jobs Act (TCJA) as well as the Families First Coronavirus Response Act and the Coronavirus Aide, Relief and Economic Security (CARES) Act, enacted in response to the COVID-19 pandemic, which changed some of the TCJA provisions for 2020.
While there is no one-size-fits-all approach to tax planning, we have launched this Year-End Tax Planning Resource Center in order to address the major tax changes and top questions we are receiving from clients.
We are continuously adding more articles to our Tax Resources Page and encourage you to check back often. In the meantime, please contact us at your earliest convenience so we can develop a customized 2020 Year-End Tax Strategy for you.