Consider these ideas that could potentially reduce your tax bill or increase your refund.
Though it’s first and foremost a health issues, the coronavirus has significantly affected many people’s finances. New legislation, most notably the CARES Act (for “Coronavirus Aid, Relief, and Economic Security Act”), offers some relief that could affect your taxes this year. Even working remotely could have tax implications. With these considerations, and additional changes that may emerge in coming months, now is a good time to talk with your personal tax professional about how they could affect the decisions you make.
As a CPA and shareholder at WilkinGuttenplan, Mr. Navani is not affiliated with Merrill. Opinions provided are his, do not necessarily reflect those of Merrill and may be subject to change. Merrill, its affiliates, and financial advisors do not provide legal, tax, or accounting advice. You should consult your legal and/or tax advisors before making any financial decisions.
The ideas below are suggested by tax accountant Vinay Navani of WilkinGuttenplan. Discuss them with your personal tax professional to see whether they might make sense for you.
