The Federal Tax Code permits the postponement of certain tax deadlines by reason of Presidentially declared disaster actions. On March 13, 2020, President Trump issued an Emergency Declaration (COVID-19 Emergency) to the Treasury Secretary to provide relief from certain specific tax deadlines. Please note this only applies on the Federal level. State income tax deadline and payments may still be due, although some states have already granted similar extensions.
Amid chaos, there is a silver lining for planning opportunities. Although we are facing many challenges on the health, economic, and market fronts, we would be remiss not to explore the positive ways that your estate plan can benefit from low interest rates and depressed asset values.There are several wealth and estate planning strategies that are particularly attractive in this kind of climate.
A roundup of advice for taxpayers, investors, and philanthropists during tax season. Enhance portfolio diversification by pooling concentrated holdings and cut capital gains when you sell stocks.Reduce state income taxes, which can be considerable in certain states.Make charitable gifts in the most tax-savvy fashion.Tax time. “It’s the most wonderful time of the year,” said no one ever. But we’re here to help you try and help your clients reduce their tax tab.