January 2021

After enduring all of the adversity that 2020 delivered, you deserve a super celebration to close out the year. No one predicted the chaos or the ensuing response to global problems. We see the light at the end of the tunnel as many of you focused on what really matters-- which we have seen in the increased level of planning for your families via gifting & estate strategies. We hope that you all enjoy a safe, socially-distanced holiday season.

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Featured Articles

Best 5 Yearend Planning Strategies!
2020 can be defined as a year with uncertainty, apprehensions and surprise. However, there are still opportunities that you can take advantage of before yearend to help yourself financially.

Preserving the Health and Well-Being of Your HSA
Investing in your Health Savings Account, or HSA, is a nearly completely tax-free retirement plan and should be a “no-brainer” for savvy savers: you can contribute to the account tax-free (up to a maximum annual amount), the funds earn tax-free compound gains, and if you take withdrawals for qualified healthcare expenses those withdrawals are tax-free. You can have your HSA funds put in a savings account or invested in the stock market or long-term securities. One report showed that HSA investments increased 32% from June 2019 to June 20201. And all of that increase is non-taxable!

Important Tax Changes for Individuals and Businesses
Every year, it's a sure bet that there will be changes to current tax law and this year is no different. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.

Identity Protection Pin Available To All Taxpayers
Starting in January 2021, the IRS Identity Protection PIN Opt-In Program will be expanded to all taxpayers who can properly verify their identity. Previously, IP PINs were only available to identity theft victims.

Credit Reports: What You Should Know
Creditors keep their evaluation standards secret, making it difficult to know just how to improve your credit rating. Nonetheless, it is still important to understand the factors that determine creditworthiness. Periodically reviewing your credit report can also help you protect your credit rating from fraud - and you from identity theft.

COVID-related Tax Relief Act of 2020
The Consolidated Appropriations Act, 2021, H.R. 133 included funding for the government, extensions for expiring tax extenders, COVID tax relief under the COVID-related Tax Relief Act of 2020, and many more items. Passed by both the House and Senate, it was signed into law by President Trump on December 27, 2020.

Tax Tips