The end of the year is an important time to consider any tax planning opportunities that may be available.

  • This year in particular there are several tax scenarios that must be factored in before any planning strategies are implemented
  • With this being an election year, it may also be wise to review new tax proposals that could affect your future planning
  • As always, it’s important to consult with your tax advisors prior to making important decisions or executing significant planning strategies

As we get ready to leave summer behind, before we know it, we’ll be heading toward the end of the year, which is an important time to consider any tax planning opportunities that may be available to you before we ring in the new year. This year in particular there are several tax scenarios that must be factored in before any planning strategies are implemented: we have tax laws that were previously instituted that are still in effect; we have the current tax laws put in place by President Trump in 2017 under the Tax Cuts and Jobs Act; and with an election looming in November, there are Democratic presidential candidate Joe Biden’s potential tax proposals to consider.

Please see important disclosures at the end of the article.

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