It is that time of year again, time for 2020 Yearend Tax Planning!
What is Tax Planning Anyway?
Investopedia.com defines tax planning as “The analysis of a financial situation or plan from a tax perspective. The purpose of tax planning is to ensure tax efficiency.” They go on to say “Reduction of tax liability and maximizing the ability to contribute to retirement plans are crucial for success.” Regularly participating in tax planning is a very valuable tool in planning for a stable future for you and your family.
With 2020 being such a strange year and amidst all of the Covid-19 chaos, are you wondering how your 2020 taxes will pan out? Are you thinking your taxes won’t be as high this year because your income is down? If you received any PPP or other relief, this actually may not be the case. Yearend tax planning can help flesh out the tax information you desire. And depending on your unique situation, we can most likely provide strategies to take before yearend to help minimize the 2020 tax hit.
Are you a current E&A client? Then you should have already received your tax planning email with the information we need to get started. If you didn’t receive this email please reach out to Meka Edwards firstname.lastname@example.org and ask her to resend it. Are you not yet engaged as an E&A client but you want or think you need tax planning? Then please contact Kristi Smith email@example.com she will help you determine if yearend tax planning is right for you.
The deadline to participate in 2020 Yearend Tax Planning is November 20th when we must have all of your information in our hands for processing. Let us help you end this crazy year with a little peace of mind. Still have questions? Please contact us.