With 2020's individual tax filing deadline extended to May 17th and several changes brought on by coronavirus-related legislation in the midst of filing season, I have received lots of questions from clients seeking clarification before filing.
From new standard deduction amount to income thresholds for tax brackets, certain tax credits, and an increase in retirement savings limits, additional thought and care is needed when working with your accountant and financial professional to ensure you are maximizing all the current tax strategies you can in your filing.
I recently sat down with my own personal Certified Public Account, Scott Abolafia, to ask a few questions, including...
"What are some of the biggest tax breaks you talk about with your clients?And are there any ones that you wish your clients could take more advantage of?"
If you have any additional questions or need personalized assistance, please don't hesitate to contact me at 305-751-8855 or via email.
Plus, you can access my referral list of accountants, attorneys, and other resources here to help you with your tax filing needs.
*Internal Revenue Service. "IRS Provides Tax Inflation Adjustments for Tax Year 2020." Accessed March 15, 2021.