In this recorded webinar, we share our best year-end tips on maximizing charitable giving and reducing taxes, as well as leveraging new planning opportunities in light of recent legislation.
Table of Contents
(0:00) Opening remarks and introductions
(1:30) 2020 CARES Act financial planning opportunities
(2:00) Required Minimum Distribution (RMD) waiver in 2020
(3:00) Roth conversion possibilities in 2020
(6:55) Other retirement plan withdrawal strategies for low-income years
(7:40) Charitable giving: Year-end charitable giving strategies
(10:50) Charitable giving: Standard vs. itemized deductions
(14:55) Charitable giving: Donor-advised funds (DAFs) in 2020
(15:48) Charitable giving: Qualified charitable distributions (QCDs) in 2020
(17:12) Gift-giving in 2020
(18:12) Financial planning deadlines for year-end: 401(k)s, flexible spending accounts, healthcare deductibles
(20:30) Financial planning deadlines for April 15, 2021: IRA, 529 plan, HSA contributions
(21:43) 2021 tax planning: Federal tax proposals under Biden
(25:12) 2021 tax planning: State/local tax law changes and proposals
(27:35) 2021 income planning: For retirement, Medicare/ACA thresholds, estimated taxes, and more
(30:00) Audience Question: What are 2021 RMD expectations?
(31:18) Audience Question: Any estate planning tips?
(33:00) Audience Question: Are CARES Act stimulus checks and unemployment benefits taxable?
(35:00) Audience Question: What cybersecurity steps is Vista taking to protect client assets?
(37:32) Audience Question: Any tax implications for home offices?
(39:30) Audience Question: How is Gordie?
(40:21) Audience Question: What are Vista’s plans for reopening its office?
(41:53) Audience Question: More on gifting—individuals vs. couples giving and receiving
(42:50) Closing remarks