Article Highlights:
- Unemployment Benefits Taxability
- To Skip or Not Skip the 2020 Required Minimum Distribution
- Special Charitable Giving Opportunities
- Divorced or Separated Planning Issues
- Potential State Health Insurance Penalties
- Dealing with Disaster Losses in 2020
- Retroactive Kiddie Tax Rules – Amended Opportunity
- Retroactive Tax Benefits May Provide Refunds
- Preparing for Home Sale Reporting
- Avoiding Underpayment Penalties
- Retroactive Bonus Depreciation Opportunities
- New NOL Carryback Opportunities
- Complying with Reasonable Compensation Requirements for S-Corp Shareholders
- Assisting with PPP Loan Forgiveness Applications
- Capital Gains Can Be Deferred
- Set Up a Bunching Strategy
- Defer or Accelerate Income Depending on 2020 Income
- Waiting until Next Year to Change Marital Status
- Take Advantage of a Low-Income Year to Sell Stocks or Exercise Options
To say COVID-19 has made 2020 a disastrous year for just about everyone would be an understatement. In response to the economic slowdown and losses of income, Congress passed several extensive laws to benefit individuals and businesses that suffered financial hardship because of COVID-19. However, 2020 has given rise to more than the usual tax-planning opportunities. Thus, you may find it appropriate to schedule a tax-planning appointment well before the close of the year to take advantage of the tax benefits and strategies available for 2020. Although everyone’s situation is unique, the following are examples of tax opportunities and strategies that may apply to your circumstances.
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