4Thought Blog

4thought graphic - blog 2020

Act Now on These Expiring Business, Individual Tax Benefits

Posted by Concannon Miller on Tue, Nov 24, 2020

The CARES Act granted several valuable federal tax breaks for individuals and businesses. But most will expire at the end of 2020 or at the end of tax years that begin in 2020.

Here's a roundup of tax breaks scheduled to go off the books soon, unless Congress extends them.

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Topics: Business tax planning, Individual tax planning

Biden’s Tax Plans: The Key Changes for Businesses, Individuals

Posted by Concannon Miller on Thu, Nov 12, 2020

President-Elect Joe Biden has expressed support for major changes to the current federal tax laws, though with control of the Senate still up in the air, it’s unknown which of his plans may come to fruition.

But it’s still wise to educate yourself on his plans, especially as you start working on year-end tax planning. Biden’s plans may mean rollbacks or revisions of several Tax Cuts and Jobs Act provisions.

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Topics: Business tax planning, Individual tax planning

Strategies to Save on Personal Taxes in 2020 and Beyond

Posted by Concannon Miller on Thu, Nov 5, 2020

It’s time to implement strategies to help reduce your 2020 federal income tax bill and position yourself for future tax savings.

Here are some ideas to consider before year end.

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Topics: Individual tax planning

Act Now: 7 Tax Breaks for Individuals Expiring in 2020

Posted by Concannon Miller on Tue, Oct 6, 2020

Several significant federal tax breaks are set to expire at the end of 2020, unless Congress renews them.

Lawmakers customarily extend these so-called "extender" provisions for another year or two, sometimes retroactively. However, in this tumultuous time, nothing is certain.

In the face of that uncertainty, you should consider the following seven tax breaks that are scheduled to go off the books at the end of this year.

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Topics: Individual tax planning

Seeking Debt Forgiveness? Tax Implications to Consider in the COVID-19 Era

Posted by Concannon Miller on Thu, Sep 24, 2020

In the COVID-19-ravaged economy, debts can pile up beyond a borrower's ability to repay. Lenders sometimes may be willing to forgive (or cancel) debts that are owed by certain borrowers.

While debt forgiveness can help struggling borrowers survive financially, it can sometimes trigger negative tax consequences. Here's what borrowers need to know about the tax implications of so-called "cancellation of debt" (COD) income.

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Topics: Business tax planning, Individual tax planning, 2020 Coronavirus

7 Midyear Tax Savings Ideas for Individuals in 2020

Posted by Concannon Miller on Tue, Jul 21, 2020

The extended July 15 deadline for filing your 2019 federal income tax return is behind us. Now it's time to think about your current federal tax situation.

Tax planning is especially complicated for 2020. There are a lot of moving pieces: The COVID-19 pandemic has caused some people to lose their jobs or take pay cuts. Many investors have suffered financial losses during the crisis — while other people have prospered by taking advantage of COVID-related business and investment opportunities. So, depending on your situation, you may have less (or possibly more) taxable income in 2020 than you did in 2019.

In addition, certain provisions in the Coronavirus Aid, Relief and Economic Security (CARES) Act may create opportunities for some taxpayers to save taxes or tap into alternative sources of cash (like retirement funds). Plus, it's a presidential election year — and a change in leadership could lead to changes in tax rates and other provisions for 2021 and beyond. Any change could possibly even be retroactive for 2020.

With all that in mind, individuals should consider the following tax planning moves midway through the year to lower their tax obligations for 2020.

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Topics: Individual tax planning

Federal Tax Deadline Extended; Some State Rules Still Up in Air

Posted by Concannon Miller on Fri, Mar 20, 2020

The federal tax deadline has been extended from April 15 to July 15 due to the Coronavirus pandemic, officials announced Friday.

The White House had announced previously they were deferring tax payments for 90 days, but that Americans would still need to file by April 15. Now, the filing deadline will be extended into the summer, as well.

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Topics: Business tax planning, Individual tax planning, 2020 Coronavirus

Last-Minute Moves for 2019 Tax Savings

Posted by Concannon Miller on Tue, Mar 3, 2020

If you haven't filed your individual federal income tax return yet, there still may be opportunities to lower your tax bill for the 2019 tax year.

Though most tax-planning moves must be completed by the end of the tax year, a few options remain available. Here are some options to consider before the April 15 filing deadline.

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Topics: Individual tax planning

The SECURE Act Retirement Change Harming Some Estate Plans

Posted by Concannon Miller on Thu, Feb 13, 2020

The new SECURE Act contains a number of favorable provisions that will help Americans save more for retirement. However, the new law also contains an unfavorable provision that will affect nonspouse IRA beneficiaries who inherit accounts with substantial balances.

As a result, some carefully constructed estate plans will be damaged. Here's the story.

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Topics: Individual tax planning, Estate and Trust Services

Top Individual, Business Tax Insights for 2020

Posted by Tony Deutsch and Andrew Desiderio on Mon, Feb 10, 2020

We’re already one month through 2020, but there’s still plenty of time to make changes to affect your personal and business taxes for the year. Actually, there’s still even time to make some changes to save on your 2019 taxes.

Read on for some of our biggest tax insights for 2020, including retirement changes under the new SECURE Act and the continuation of tax savings for small business owners through the Tax Cuts and Jobs Act.

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Topics: Business tax planning, Individual tax planning

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