The Best Way to Reduce Your 2020 Income Taxes is with Year-End Tax Planning
We can demonstrate there is water but if they are neither thirsty nor self-reliant then they will die of thirst while surrounded by abundant lakes, streams, rivers, and aquifers. – Daniel Morris
It’s almost the end of 2020. A tumultuous year that will soon (we all hope) be in our rearview mirror… but not so fast. It’s mid-November and that means some last-minute planning and strategizing is in order; especially with what we deem a clearer path to what some U.S. Tax outcomes may be. 1
Taxation in the USA is a delicate balance of social policy, fantasy economics, revenue raising, and a solid dose of overactive political ideology. We are on our way to a better understanding of the tax picture for 2021 and are prepared to advise you toward achieving your best tax outcomes.
A reminder; December 31st closes the prior tax year and January 1st begins a new one. Accordingly, before the New Year arrives, it’s time to consider last-minute moves to trim your 2020 tax bill. Another aspect of tax planning is that it is up to you to make decisions. Our government revenue agents are happy to accept more of your money rather than what is legally allowed to be “Less”. Accordingly, we recommend you consider some of these “Last-Minute Year-End U.S. Tax Strategies”.
Over the next couple of weeks, my colleagues and I will be publishing 8 “Last-Minute Year-End Tax Saving Strategies” that we believe help reduce tax liabilities and improve your future high-end wealth preservation.
- 2020 Last-Minute Year-End General Business Income Tax Deductions
- 2020 Last-Minute Vehicle Purchases to Save on Taxes
- 2020 Last-Minute Section 199A Tax Reduction Strategies
- 2020 Last-Minute Year-End Retirement Deductions
- 2020 Last-Minute Year-End Medical Plan Strategies
- 2020 Last-Minute Year-End Tax Deductions for Existing Vehicles
- 2020 Last-Minute Year-End Tax Strategies for Your Stock Portfolio
- 2020 Last-Minute Year-End Tax Strategies for Marriage, Kids, and Family
Hopefully, these articles will provide some insight into what you can do to preserve your hard-earned wealth. Please reach out to us. We’ll be happy to guide you along the way toward financial success.
We are here to help. Please contact us at Morris + D’Angelo to discuss how to maximize your unique circumstances.
Daniel frequently provides Media Content via Workshops, Podcasts, and Printed Articles on topics like Bitcoin and Cryptocurrency, Wealth Preservation and Planning, Global Banking, and many other high-level financial topics that serve and demonstrate the Value of our Global Network that should be of interest to those who need Private High-Wealth Services.
If you would like Daniel to speak to you or your Professional Group and bring clarity about the new frontier of the new business tax law changes. Please contact us.
Morris+D’Angelo is the industry leader for many High-Wealth Customers and Organizations.
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Feature Photo: longzijun, Okanagan Lake via Flickr.com↩