24: Year-End Taxes: What You Need To Consider At The End Of 2020

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By Kelly Phillips Erb. Discovered by Player FM and our community — copyright is owned by the publisher, not Player FM, and audio is streamed directly from their servers. Hit the Subscribe button to track updates in Player FM, or paste the feed URL into other podcast apps.

2020 is nearly done. While that brings a sense of joy as the year has been difficult in so many ways, there might also be some anxiety when thinking about your year-end taxes. Whether you’re an individual concerned about how a new president and recovering economy will impact you, or you need to find some last-minute tax deductions, there’s plenty to be thinking about as the new year ticks over.

Preparing for end-of-year taxes, estate planning, and maximizing tax deductions

On this week’s episode, Kelly is joined by Lisa Colletti, a managing director in planning strategy and research at Aspiriant. Lisa and Kelly talk about the things you should be thinking about right now to help you with your 2020 taxes and what could be done now for 2021. That includes creating more tax deductions, maximizing your 401K contributions, and more.

Listen to Kelly and Lisa talk about year-end tax preparation:
  • What should people be paying special attention to for year-end taxes
  • How President-Elect Joe Biden’s proposed tax plan could impact individuals
  • Economic uncertainty and what that might mean for end-of-year planning
  • How the CARES Act can help people
  • Beginning to look at tax liability to ensure there are going to be no major surprises on your year-end taxes
  • Hitting the maximum 401k contributions to improve your tax bill
  • Bunching contributions and deductions to maximize your itemized tax deductions
  • Estate planning and gift tax benefits, both on your federal and state taxes
  • Maximizing 529 plan contributions
  • Strategic moves you can make with your family business
  • What is a GRAT and how you can use it in your estate planning
  • Thinking about asset allocation for now and the future
  • How to find a financial planner or financial advisor
More about Kelly Phillips Erb:

Kelly is the creator and host of the new Taxgirl podcast series. Kelly is a practicing tax attorney with considerable experience and knowledge. She works with taxpayers like you every day. One of the things that she does is help folks out of tax jams, and hopefully, keep others from getting into them.

Links mentioned:

Kelly’s Website – Taxgirl

Lisa Colletti - Website

Aspiriant - Website

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