We hope you and your family are doing well and staying healthy during these unprecedented times. With 2020 rapidly coming to a close soon (thankfully!), we are once again reaching out to share our annual Tax Planning Guide with you. The 2020/2021 Tax Planning Guide is available here.
The massive changes brought to us in the Tax Cuts and Jobs Act (TCJA) will continue to affect 2020 and future tax years until 2025 and will continue to have a significant impact on tax planning, along with the new CARES Act and of course the PPP loans and forgiveness.
• Tax rates will stay consistent with 2019, with small increases to the taxable income brackets.
• The standard deductions have slightly increased again.