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2020 Year-end Tax Planning

Posted by Admin Posted on Dec 08 2020

As we wrap up 2020, year-end tax planning has never been more crucial. This year brought challenges and disruptions that significantly impacted your personal and financial situations – COVID-10, economic relief measures, new tax laws, and political shifts. Now is the time to take a closer look at your current tax strategies to make sure they are still meeting your needs and to make any last-minute steps that could save you money.

Not only does year-end planning equal fewer surprises, but many times there may be strategies (such as deferral of income, prepayment of expenses, and others) that can help you minimize your tax bill and position you for greater success.

We are here to help you take a fresh look at the health of your tax and financial well-being. Please contact us at 405.842.0028 at your earliest convenience to set up a year-end review for you and/or your business, so we can develop a customized plan.

Please visit the archive for previous articles.

This blog site is intended for educational purposes directed towards our clients and provides general information about tax, accounting and business related topics.  It is not intended to provide professional advice.  We are not investment advisors. Accordingly, we suggest that you seek the advice of qualified investment advisors appropriate to each investment being considered. By using this blog site, you understand that there is no CPA/client relationship between you and Hyde & Company CPAs, P.C. or its employees.  The blog and website, including all contents posted by the author(s), should not be used as a substitute for competent counsel from a qualified advisor in your state.  Hyde & Company CPAs, P.C. posts are based on current or proposed tax rules at the time they are written and older posts are not updated for tax rule changes.  Tax rules are frequently changed, added, amended, and/or left to expire – always check with your CPA or accountant regarding the most current tax rules and how they apply to your specific tax issue