Proactive, Mid-Year Tax Planning Strategies to Review


Manage episode 273423613 series 2798570
By Adam Cmejla. 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.

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 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.

120 episodes