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7 Smart Tax Planning Moves You Can Make Right Now

The Coronavirus Crisis and the resulting CARES Act have created an unprecedented tax season. In addition to extended filing deadlines, several relief measures could directly affect your taxes in both this year and last.

For this year, check out our blog for 7 smart tax planning moves you can make in 2020.

Otherwise, here’s how you may still be able to save on 2019 taxes:

  • July 15th is your new deadline. The federal government and all state governments have extended their tax filing and payment deadlines until mid-July, giving filers with balances due a short reprieve. If you pay quarterly estimates, your first and second quarters aren’t due until July 15th either.
  • You can make tax reducing contributions until July 15th. You have until this summer to make contributions that could reduce your overall  2019 tax bill, including for HSAs, IRAs, and Roth IRAs. Read about eligibility and other details over on our blog.
  • You will not have to pay taxes on your stimulus check. If you’re eligible for a CARES Act economic impact payment, that income won’t be taxed on a federal or state level. Technically, these payments are 2020 federal tax credits that are being given out in advance via check  and direct deposits. Instead of being activated when you file your 2020 taxes next year, you are getting that credit now (if your adjusted gross income, AGI, is under $99,000 for individuals and $198,000 for joint filers). 

Looking for ideas to save taxes for this year? Read our 7 Smart Tax Planning Moves for 2020 or set up a call with one of your Wealth Advisors today.

7 Smart Tax Planning Moves

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