As 2020 ends, it’s time to think about year-end tax planning. Proper planning allows for significant savings that can positively impact your financial situation. Due to changes in tax guidelines, tax reform provisions, and tax relief granted through the CARES and SECURE Acts, business owners and individuals should review circumstances and look for opportunities to reduce, defer, or accelerate tax obligations.

The 2020 Year-End Tax Planning Guide outlines significant tax law changes and provides tax planning guidance and year-round strategies for maximizing tax savings for businesses and individuals.

For businesses:

• Timing of income and deductions
• Payroll and self-employment taxes
• Estimated payments and withholdings
• Executive compensation considerations
• Stock options and investments
• Business formation and ownership
• 2020 corporate income tax rates

For individuals:

• Investment tax planning
• Real estate deductions
• Family and education credits
• Retirement contributions
• Estate planning
• 2020 tax rates

Click here to download: HHJ 2020-20201 Tax Planning Guide