SPONSORED

How You Can Get a Head Start on Your 2020 Tax Planning Strategy

Nov 25, 2020, 10:56 AM | Updated: Mar 11, 2021, 1:09 pm

Tax Planning Strategy - Tax planning Strategies...

Photo: Adobe Stock

Altabank - Jumbo LoansThis article about your tax planning strategy is sponsored by Altabank. Member FDIC.


Businesses of all sizes need to make sure they have the right tax planning strategy in place. This will make financial navigation into the new year a little easier. So, get on the right path now. It’s the best time to start gathering the information and resources needed to make filing a breeze. Read below for tips to elevate your financial future and ensure you’re ready for the upcoming tax season. 

Prepare for the Curveballs of 2020

Tax plnning strategy - taxes 2021

Photo: Adobe Stock

This year has had its fair share of financial uncertainty with the impact of the pandemic on the economy. With that being said, taxes filed from 2020 are going to be unique when it comes to tax preparation. Between the fiscal stimulus package, tax relief, PPP loans, and other grants, there are many new components to consider during the tax planning season. Start gathering all the documentation used to apply for these relief packages and put them in a folder for easy access. 

Schedule a Consultation with an Accountant to Discuss Your 2021 Tax Planning Strategy

Tax planning strategy - Tax time

Photo: Adobe Stock

Being proactive with your finances can help you avoid tax problems and position your business well for 2021. The earlier your start, the less stressful it will be when the time comes to file your yearly tax return. Establishing a relationship with your accountant now can help the process be as smooth as possible when it comes time to file. If you’re unsure about your first meeting, you’ll still have plenty of time to schedule an appointment with another firm to get a second opinion. 

Make sure to find out what tax deductions you qualify for. Then take advantage of opportunities that expire at the end of the year, such as the Work Opportunity Tax Credit. And depending on your business operations, the end of the year may be a great time to invest in new equipment or prepay expenses. To find out more about investment and prepayment options to ensure you maximize your tax return, you can check out Altabank’s Commercial Banking Services.

Related articles:

We want to hear from you.

Have a story idea or tip? Send it to the KSL NewsRadio team here.

Sponsored

Underwater shot of the fisherman holding the fish...

Bear Lake Convention and Visitors Bureau

Your Bear Lake fishing guide

Bear Lake offers year-round fishing opportunities. By preparing ahead of time, you might go home with a big catch!

19 days ago

A group of people cut a purple ribbon...

Comcast

Comcast announces major fiber network expansion in Utah

Comcast's commitment to delivering extensive coverage signifies a monumental leap toward a digitally empowered future for Utahns.

19 days ago

a doctor putting her hand on the chest of her patient...

Intermountain Health

Intermountain nurse-midwives launch new gynecology access clinic

An access clinic launched by Intermountain nurse-midwives provides women with comprehensive gynecology care.

2 months ago

Young couple hugging while a realtor in a suit hands them keys in a new home...

Utah Association of Realtors

Buying a home this spring? Avoid these 5 costly pitfalls

By avoiding these pitfalls when buying a home this spring, you can ensure your investment will be long-lasting and secure.

2 months ago

a person dressed up as a nordic viking in a dragon boat resembling the bear lake monster...

Bear Lake Convention and Visitors Bureau

The Legend of the Bear Lake Monster

The Bear Lake monster has captivated people in the region for centuries, with tales that range from the believable to the bizarre.

2 months ago

...

Live Nation Concerts

All the artists coming to Utah First Credit Union Amphitheatre (formerly USANA Amp) this summer

Summer concerts are more than just entertainment; they’re a celebration of life, love, and connection.

2 months ago

How You Can Get a Head Start on Your 2020 Tax Planning Strategy