2020 is nearly done. Whether you’re an individual concerned about how a new president and recovering economy will impact you, or you need to find some last-minute tax deductions, there’s plenty to be thinking about as the new year ticks over.

Preparing for end-of-year taxes, estate planning, and maximizing tax deductions

On this week’s episode, Kelly is joined by Lisa Colletti, a managing director in planning strategy and research at Aspiriant. Lisa and Kelly talk about the things you should be thinking about right now to help you with your 2020 taxes and what could be done now for 2021 – like creating more tax deductions, maximizing your 401k contributions, and more.

Listen to Kelly and Lisa talk about year-end tax preparation:

  • What should people be paying special attention to for year-end taxes
  • How President-Elect Joe Biden’s proposed tax plan could impact individuals
  • Economic uncertainty and what that might mean for end-of-year planning
  • How the CARES Act can help people 
  • Beginning to look at tax liability to ensure there are going to be no major surprises on your year-end taxes
  • Hitting the maximum 401k contributions to improve your tax bill
  • Bunching contributions and deductions to maximize your itemized tax deductions
  • Estate planning and gift tax benefits, both on your federal and state taxes
  • Maximizing 529 plan contributions
  • Strategic moves you can make with your family business
  • What is a GRAT – and how you can use it in your estate planning
  • Thinking about asset allocation for now and the future
  • How to find a financial planner or financial advisor

More about Kelly:

Kelly Phillips Erb created and hosts the Taxgirl podcast, your home for tax news, tax info, and tax policy. In each episode, she shares conversations about taxes, money, and the choices we make. Kelly is a tax attorney who works with taxpayers and tax practitioners like you every day. She helps folks out of tax jams, and hopefully, keeps others from getting into them.

You can find out more about Kelly here and you can follow her on Twitter, Facebook, Instagram, and Linkedin.

To subscribe to the podcast (it’s free!) using Apple, Spotify, or your favorite listening app, click here.

Kelly’s Website: Taxgirl

Lisa Colletti: Website

Aspiriant: Website

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