Welcome to a new week and a new theme here on the One Minute Retirement Tip! 

As we approach the end of the year, it’s an important time to do some year-end tax planning to take advantage of opportunities to potentially lower your taxes before the door closes on December 31st. 

I just received an email the other day from a listener of the podcast who has had a really unique year with a wildly different income and tax situation than normal. I recommended that he seek the advice of a qualified tax advisor, and in many cases a knowledgeable and proactive tax advisor is capable of saving their clients headaches and tax-saving opportunities, so if you have questions especially as we get into the weeds of some of these tax strategies this week, I encourage you to talk to a well- qualified tax advisor. 

This week, I’ll cover 5 specific strategies to help you lower your tax bill in 2020. There are a few tax quirks this year with Covid, so we’ll talk about how your stimulus check is taxed as well as a couple of perennial ideas like how to review your capital gains and losses and why you don’t want to miss gifting or charitable giving opportunities. 

The key with 2020 is that for many of you listening, 2020 may have been a bit of a curveball - some of you may have been laid off or furloughed, or seen your income drop from 2019. If that’s the case you’ll want to pay special attention to your tax situation this year and to this week’s tips.But even if that’s not the case, my hope this week is that you will use the ideas I’ll be sharing this week to look at your income and tax situation, and consider what savings strategies may apply to you before 2020 comes to a close. 

That’s it for today. But before you go...you probably know someone who is close to retirement and could benefit from listening to this podcast. If so, please share this podcast with them and encourage them to check it out by adding it to their flash briefing in Alexa or subscribing wherever they listen to podcasts!

Thanks for listening. My name is Ashley Micciche and this is the One Minute Retirement Tip.

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