Year End Tax Planning Will Be An Adventure This Year
Year-end tax planning is not what you’d normally call adventurous, astounding or even exciting. Due to the tax and financial tumult resulting from the Covid crisis, yearend tax planning is going to be an adventure sport this year. So we’re giving you a heads up now, to be prepared: 2020 yearend tax planning is going to be more important, more complex and more deadline-driven than in years past.
Coincident with multiple layers of tax changes, epidemic economics has forced yields to a low unprecedented in modern U.S. history, which, along with high stock volatility, has drastically changed year end tax math. For example, individuals who take required minimum distributions from individual retirement accounts, or who are about to start taking RMDs, have a major tax-saving opportunity, a individuals who may never have thought about converting traditional IRA assets into to Roth IRAs, are suddenly going to be confronted with decisions that will need to made before the end of the year. The stakes are also raised by the November election because that’s going to determine the precise strategies you must take before the end of the year. So please be aware that the upcoming yearend tax planning season may be an adventurous one and you may want to start preparing for it now so you can nail it.
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