2020 Tax Prep, How to Get Ahead

VIDEO TRANSCRIPTION

The chaos of 2020 has impacted nearly every aspect of our Lives- including taxes.

That’s why sarasota tax attorney mary king is reminding you that, this year, it’s more important that ever to get an early start on your tax prep “To-do” list.

#1 max out your retirement contributions

If you are not taking full advantage of your workplace retirement accounts, you may want increase your contributions by enough to max out the employer match.

Up your ira contributions too, and remember the secure act boosted the cut off age for traditional I-r-a contributions to 70 and a half

Next: plan for estimated taxes and required minimum distributions or r-m-d-s.

Under the cares act, clients who took coronavirus-related distributions from their retirement plans have a number of repayment options and mary king can help you determine which option is best for you.

Number 3- adjust withholding,

If you are are worried about an estimated tax penalty, because of insufficient or missing quarterly payments consider asking your employers to increase withholding for the rest of the year to cover shortfalls .

Finally review your estate documents,

Make sure they align with goals and account for any life changes or other circumstances.

If You’ve Experienced Any Of These Frustrations ,

You May Need A Knowledgeable, Experienced Sarasota Tax Attorney To Help Get You Answers.

Call Mary King Today Or Visit Tax Lawyer Florida Dot Com.