Everything Money

Current Tax Code Changes and Opportunities for Tax Planning w/ Louis Ruebelmann

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In this episode, Leah Jones, Director of Financial Planning for Hightower Bethesda, talks to Louis Ruebelmann, a CPA and CFF at Mendelson & Mendelson about recent and upcoming tax changes and opportunities to help with tax planning. Louis has worked with individuals and businesses in tax planning since the 1970s. He shares guidance in regards to the Paycheck Protection Program (PPP) loan and the stimulus checks that provided financial relief during the COVID-19 pandemic. He also discusses the changes with the charitable contribution allowance and education deductions and credits.

 

“That payroll number is absolutely key. It must be 60%.” -Louis Ruebelmann [02:55]

 

What You Will Learn:

 

  • [00:47] Louis’ guidance on the Paycheck Protection Program (PPP) loan
  • [03:51] How the loan forgiveness work on a tax perspective
  • [06:50] How a business owner can take a second PPP loan in 2021
  • [09:38] The shift in deducting meals in 2021 and 2022
  • [13:29] Things for business owners to know or think about for upcoming tax opportunities
  • [15:16] What individuals should know about stimulus checks
  • [18:38] The changes in the charitable contribution allowance
  • [23:31] How taxes play into retirement account withdrawals for COVID-19 relief
  • [26:32] The changes to education deductions and credits

    • Our Contacts:

    Website: http://bethesda.hightoweradvisors.com/

    LinkedIn: https://www.linkedin.com/company/hightowerbethesda/

    Facebook: https://www.facebook.com/HightowerBethesda/

    Twitter: https://twitter.com/LeahPlans4You

     

    Resources:

     

    Visit our website: https://bethesda.hightoweradvisors.com

     

    Visit Mendelson & Mendelson website: http://www.mendelsoncpa.com/

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    Everything MoneyBy Stephen Rosen and Leah Jones