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2020 year-end tax guide: Tax planning in unprecedented times

October 29, 2020 White Paper 25 min read
Authors:
James Minutolo Michael Monaghan

Though tax planning may be far from top of mind, considering everything that’s happened this year, it’s still important. Smart tax planning can soften the impact of an uncertain economy on investors and provide much-needed relief to struggling business owners.

Businesswoman working in an office during the day with glass windows behind her.It’s 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 on investors and provide much-needed relief to struggling business owners.

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.

From executive compensation, business ownership, and charitable giving to investing, estate planning, retirement planning, and beyond, this 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 Plante Moran tax advisor to identify the best strategies for your particular situation and stay apprised of any new tax law developments that might affect you.

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