801 E. Campbell Road , Suite 155,
Richardson , TX 75081

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.

Reasons to Schedule Your Year-End Tax Meeting

A yearend tax planning meeting is a must for many taxpayers, especially those who own a business. The purpose of the meeting is to discuss and make decisions in this calendar year that will affect your tax liability and funding contributions to retirement plans.

There are many tax saving strategies that might be employed in a given situation for both an individual tax return and a business tax return.  Typical topics covered during a yearend tax meeting include:

  1. Clean up your books
  2. Project tax liability for the current year
  3. Review opportunities to reduce the amount of taxes that you will owe
  4. Owner’s Compensation Strategies
  5. Discuss new tax provisions
  6. How to take advantage of all the tax deductions available
  7. Identify best ways to lower your tax bill
  8. Itemized deductions versus the standard deduction
  9. Identifying deductions
  10. Gifting to family members
  11. Divesting assets that represent unrealized losses to offset capital gains
  12. Restructuring income
  13. Purchasing needed equipment earlier than planned
  14. Delaying the receipt of year-end payments from customers until early the following year
  15. Expediting the payment of expenses
  16. Contributing to qualified retirement plans –such as 401(k), 403(b), 457(b), IRA, and SEP
  17. Contributing to a church or charity
  18. Qualified business income deduction
  19. Depreciation equipment
  20. Bad debt write-off

If you are a current client or a potential client and would like to schedule an appointment to discuss yearend tax planning, please let us know.

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