It has become a cliché in 2020, but what word other than “unprecedented” can be used to describe the events we’ve experienced this year? During such times, tax planning is far from top of mind. But it’s still important. Smart tax planning can soften the impact of an uncertain economy and provide much-needed relief to owners of struggling businesses.
To take advantage of all available breaks, you need to be aware of some major changes under this year’s:
- Coronavirus Aid,
- Relief and Economic Security (CARES) Act, and last year’s
- Setting Every Community Up for Retirement Enhancement (SECURE) Act.
You also can’t forget about the massive Tax Cuts and Jobs Act (TCJA) that generally went into effect two years ago but still impacts tax planning. Plus, it’s possible that there could be more tax law changes before year end — or that the potential for changes next year could affect 2020 planning.
Our guide provides an overview of some of the most significant tax law changes going into effect this year and other key tax provisions you need to be aware of. It offers a variety of strategies for minimizing your taxes in the current tax environment. Use it to work closely with your Iannuzzi Manetta tax professional to identify the best strategies for your particular situation. We strive to keep you apprised of any new tax law developments that might affect you.