Summary
This week on The One Minute Retirement Tip Podcast, I’m talking about “2020 Year End Tax Planning Tips.”
As we approach the end of the year, it’s an important time to do some year-end tax planning to take advantage of opportunities to potentially lower your taxes… before the door closes on December 31st.
I just received an email the other day from a listener of the podcast, who has had a really unique year, with a wildly different income and tax situation than normal. I recommended that he seek the advice of a qualified tax advisor.
In many cases, a knowledgeable and proactive tax advisor is capable of saving their clients headaches and tax-saving opportunities. If you have questions, especially as we get into the weeds of some of these tax strategies, I encourage you to talk to a well qualified tax advisor.
This week, I’ll cover 5 specific strategies to help you lower your tax bill in 2020. There are a few tax quirks this year with Covid, so we’ll talk about:
- How your stimulus check is taxed
- How to review your capital gains and losses
- Why you don’t want to miss gifting or charitable giving opportunities
The key with 2020 is that for many of you, 2020 may have been a bit of a curveball – some of you may have been laid off or furloughed, or seen your income drop from 2019. If that’s the case, you’ll want to pay special attention to your tax situation this year and to this week’s tips.
Even if that’s not the case, my hope this week is that you will use the ideas I’ll be sharing this week to look at your income and tax situation, and consider what savings strategies may apply to you before 2020 comes to a close!
