It has become a cliché in 2020, but what word other than “unprecedented” can be used to describe the events we’ve eperienced this year? During such times, tax planning is far from top of mind. But it’s still important. Smart tax planning can provide much-needed financial relief to individuals and businesses that need it.
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.
At Gilmore & Associates, LLP, our professionals are thoroughly familiar with the latest tax law developments and tax-reduction strategies and are eager to help you take full advantage of them. So call us today at (650) 432-6110 to schedule a time to talk about ways to lighten your tax burden and better achieve your financial objectives.