Insights Helpful Tips for Year End Tax Planning and Charitable Giving
Nov 13, 2020
- Major tax legislation is unlikely unless the Democrats gain control of the Senate, which depends on the outcome of two Georgia runoff elections in early January. Democrats would need to win both seats to attain a 50/50 balance, with Vice President-elect Harris tilting control in their favor.
- Tax planning can be challenging in a time of uncertainty. Our advice is to put more weight on major tax planning strategies where the result is certain and give less consideration to approaches based on future events that may or may not occur.
- In this Wealth Planning Insights, we provide some helpful tips for your 2020 tax and philanthropic planning, based on what we know as we head into year end, and some planning measures to consider to protect against potential future tax increases.