GSG recently released its annual tax-planning guide, which includes in depth year-end and year-round tax-saving strategies for individuals and businesses for the 2020 tax year and future years.
In a recent podcast, GSG’s Tax Principal, Tom Colegrove, highlights important points included in the guide for taxpayers to focus on this tax season.
Key highlights include:
- Overall retirement planning strategies
- Employer plan opportunities (i.e., Roth contributions and IRAs)
- Changes to required minimum distributions (RMDs) pertaining to the SECURE Act and CARES Act
- Investment strategies (i.e., planning for gains and losses)
- The new 20% of qualified business income deduction, Section 199A
- Timing strategies for bonus payments and bad debts
- Retirement plan contributions with regards to 401(k), profit sharing, SEP-IRA and Simple IRA
For more information, contact us today.
Categories: Tax, Tax Planning, Retirement Planning, COVID-19 Resources
