4Thought Blog

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.