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Here Are 5 Tax Moves to Consider for an Unusual Year

Source: barrons.com - Dec 2, 2020

Year-end tax planning isn’t as straightforward as usual in 2020. Uncertainty about whether President-elect Joe Biden can enact tax hikes next year is a complicating factor, and some folks can’t predict their 2021 income after earning less this year due to Covid-related job losses, shortened work hours, or forgoing a required retirement account distribution as allowed under the Cares Act.
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“With these unknowns, some planning is about hedging your bets,” says Gretchen Hollstein, a senior advisor at Litman Gregory in San Francisco. “We’ve landed on a number of moves taxpayers should think about.”

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Category: General Business