20/20 Money Episode #90-Proactive, Mid-Year Tax Planning Strategies to Review

Hello, and welcome to this episode of 20/20 Money! On today’s episode, I discuss 7 proactive strategies that you can consider as you evaluate your financials through the latter half of 2020. I discuss the importance of reviewing your list of itemized deductions even if you didn’t itemize and whether a charitable lumping strategy would be beneficial to consider. I also talk about why partnerships should reevaluate how income is classified on their K-1 and why shifting income from guaranteed payments to net income should be evaluated by their legal, accounting, and financial team. I also explain why it’s important to reevaluate your retirement plan on an annual basis, how Roth conversions and tax gain harvesting can have a big impact on your long-term success, how you may be leaving a $1,000 HSA-related tax deduction on the table, and how you can start a 529 for your unborn child and claim a tax-specific deduction in 2020 (even if your child isn’t going to be born until 2021).

As a reminder, you can get all the information discussed in today’s conversation by visiting our website at integratedpwm.com and clicking on the Learning Center. While there, you can also set up a 20-30min Discovery conversation to learn a little bit more about how we help ODs around the country reduce their tax bill, manage cash flow, and make proactive money decisions serve ODs & what it means to work with our firm or check out any number of additional free resources like our eBooks and on-demand webinars.


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