4Thought Blog

4thought graphic - blog 2020

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.

Read More

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.

Read More

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.

Read More

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.

Read More

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.

Read More

Topics: Business tax planning, Individual tax planning

SECURE Act Mostly Improves Retirement, Tax Planning for Individuals

Posted by Concannon Miller on Tue, Jan 21, 2020

The new federal SECURE Act is intended to expand opportunities for individuals to increase their retirement savings and to simplify the administration of retirement plans.

Here are some changes that are most likely to affect individuals, including some that aren't related to retirement savings.

Read More

Topics: Individual tax planning

10 Renewed Tax Breaks for Individuals Taxpayers in 2020

Posted by Concannon Miller on Thu, Jan 9, 2020

A recent spending package signed into law by President Trump on December 20 retroactively resurrects and/or extends several key tax breaks through 2020. It also provides tax relief for victims of federally declared disasters.

Here are ten breaks that can benefit eligible individuals.

Read More

Topics: Individual tax planning

Congress Extends Some Key Individual, Business Tax Benefits

Posted by Andrew Desiderio on Mon, Dec 23, 2019

Just in time to avoid a government shutdown, the federal government last week approved new spending bills that extend and change some important tax benefits for both businesses and individuals.

Here’s a look at some of the key changes from the Further Consolidated Appropriations Act, 2020. These will go into effect right around the two year anniversary of the passage of the sweeping Tax Cuts and Jobs Act in December 2017.

Read More

Topics: Business tax planning, Individual tax planning

IRS: Delinquent Taxpayers Could Expect Unannounced Visit

Posted by Tony Deutsch on Thu, Dec 5, 2019

The IRS has announced its agents will be conducting unannounced in-person meetings with delinquent business and individual taxpayers.

The IRS routinely conducts these face-to-face visits, it said in an announcement last month. The primary purpose of these visits is to make contact with taxpayers with a previously known tax issue that wasn’t resolved through mail contact, the agency said.

These meetings are scheduled in areas with a limited number of available revenue officers due to declining IRS resources. The first face-to-face contact from a revenue officer is almost always unannounced.

Read More

Topics: Business tax planning, Individual tax planning

2019 Charitable Contributions: The Tax Reform Deduction Rules to Know

Posted by Concannon Miller on Tue, Dec 3, 2019

Do you plan on making contributions to charity this year? If you're in a giving mood, you may be rewarded with sizeable charitable deductions on your tax return.

But the tax law is fraught with numerous twists and turns, so you must be careful to navigate the rules.

Read More

Topics: Individual tax planning, Nonprofit Organizations

Subscribe for more Timely Tips for Businesses

Recent Posts