It’s Sunday, which means...It’s recap time! This week, we looked at 2020 year end tax planning tips that you’ll want to consider before the end of the year in an effort to minimize your taxes.

Here’s what we covered in each episode this week:

• Creative ways to take Advantage of Charitable Deductions 
• Smart planning For Higher Future Taxes
• Fix Your Withholding and how to know if you’ll need to do this
• Don’t Miss Opportunities To Gift In 2020
• And lastly, How To Review Your Gains & Losses 

My hope is that you come away from this week with a few ideas on how you can and why you should review your income, tax situation, and investment portfolio before the end of the year. 2020 was a unique year and the CARES Act along with low tax rates based on historical norms make this year a really important year to look seriously at tax planning before year-end. 

Tomorrow, we are starting a brand new theme: index card personal finance. Back in 2013, University of Chicago social scientist Harold Pollack asserted that you can fit all the financial advice you'll ever need on a single index card. The result was a photo of nine pieces of advise that fit onto one 3x5 index card. The photo went viral and Pollack wrote a book about it:  The Index Card: Why Personal Advice Doesn't Have To Be Complicated. 

So next week, I’ll be sharing with you my own version of the index card for personal finance and dive deep on the 5 key pieces of advice for financial success. 

And if you haven’t already, be sure to check out my YouTube channel - True North Retirement, where I cover a wide variety of retirement planning topics - everything from whether or not you should pay off your mortgage before you retire to understanding the lifetime gift tax exclusion to inherited IRA rule changes for 2020. 

That’s it for this week! Thanks for listening and I hope you have a blessed Sunday! 

My name is Ashley Micciche and this is the “One Minute Retirement Tip”.

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