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020 – Year End Tax Planning You Should Know

Real Personal Finance

020 – Year End Tax Planning You Should Know

Know your retirement funding deadlines:

  • 12/31 – Last day to pay itemized deductions, establish a solo 401k, complete contributions to employer 401k
  • IRAs, Roth IRAs – 4/15/20
  • SEPs tax filing deadline

 

  • Maximize 401k and HSA
  • Evaluate capital gains / losses in taxable accounts
  • Loss carry forward?
  • Tax loss or tax gain harvesting
  • Will you itemize your deductions?
    • Standard vs itemize
    • What can you deduct?
    • Lump deductions
  • Check your withholding
  • Make estimated payments
  • Review eligibility of 199A pass through – Qualified Business Income
  • Take your RMD
    • If you don’t need your RMDs, consider a Qualified Charitable Gift from your IRA.
  • Contribute to 529s

LET’S CONNECT!

James

Scott

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