Only two months remain between now and the end of the fourth and final quarter of 2020. Many of us will be happy to be looking back at 2020 in our rearview mirrors, but in regard to taxes — now is the time to start looking forward to 2021 and beyond. The next two months are just as important as the next two years for maximizing your tax savings.

This two-month period is the best time to review any changes in state and/or federal tax law and regulations that could affect how, when, and how much you pay in taxes. During our scheduled tax projection appointment, we will review your current personal, family, and business situations; identify tax-saving opportunities for the coming year; and address any tax questions or concerns you may have.

In addition, if you’re concerned about your tax balance due April 15, 2021, our year-end tax projection can give you a sense of what you can expect to owe or get back in 2020 taxes and consider some year-end techniques that can trim your tax bill or boost your tax refund.

You don’t want to be blind-sided by a tax bill you can’t pay. And if you paid enough (or too much) in estimated taxes, that’s good to know, too — not only for your peace of mind, but also so you can leverage that knowledge for additional tax savings and for your future business and personal financial planning.

Whether you’re a client of ours or another tax planning or financial strategy firm, you should engage in a year-end tax projection session, because the financial decisions and actions you take over the coming months can have a significant impact on your finances for years to come. However, very few people engage in such planning, or they do so without professional guidance. As a result, we suspect that many people miss out on opportunities to Continue reading…