Here at Stees, Walker & Company, LLP, we make it our responsibility to help our clients navigate the complexities of personal and business finances and maximize their tax savings, so they have more money to enjoy their lives and invest toward their financial futures. To fulfill this deeply rooted responsibility, every year at about this time, we offer our clients a complementary mid-year planning meeting. During each one-hour session, we discuss the client’s goals and any changes to their personal and/or business lives, identify ways to help them save money on taxes, answer any questions they have, and ensure that we are all working together toward the same financial goals.

Whether you’re a client of ours or another financial planning firm, you should engage in a midyear tax and financial planning 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 reduce their taxes and have more money to invest toward their financial futures.

This year, we have a sense that more people might neglect their finances due to COVID-19. With the spring filing deadline postponed to July 15, many people are still focused on filing their 2019 tax returns. However, early preparation is key to taking advantage of future tax-saving opportunities, so we encourage you to meet with a qualified tax advisor or financial planner to explore opportunities to improve your finances.

In this post, we cover some of the recent changes in tax legislation and present a list of tax moves that you and your advisor may want to discuss.

Recent and Future Changes Likely to Impact Your Taxes

Several changes in tax legislation occurred near the end of 2019 and early in 2020 that are likely to provide tax-saving opportunities: Continue reading…