• Schoelles and Associates

Pam Talks Planning: Last minute tax savings for individuals.

1) Charitable Deduction - $300 without using Schedule A to itemize

2) Schedule A – close to itemizing – bunch every other year

a. Increase charitable contributions

b. Pay property taxes if they are not escrowed

c. Make another mortgage payment

3) Child Care – make sure you are up to date and have your records for the year

4) Remember that credit card charges are deductible even if not paid in current year

5) Schedule D – Sale of Capital Assets

a. Offset capital gains by taking capital losses on investments

b. Managed accounts – will usually honor request

6) Make IRA contributions if you qualify by April 15

7) Expecting another paycheck in December? – Have a retirement account? – Increase the amount deferred

8) Retirement accounts – RMD (required minimum distribution) not required for 2020

9) Lower income in 2020? – Have an IRA? – Consider converting some to Roth IRA

10) Education credits – prepay tuition for spring term

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Last minute year-end tax tips for businesses.

*Pay final bills and postmark by 12/31/2020 *Newly purchased business equipment must be placed in service by 12/31/2020 to be deductible *Business expenses paid by credit cards are deductible when cha