Year-end tax planning isn’t as straightforward as usual in 2020. Uncertainty about whether President-elect Joe Biden can enact tax hikes next year is a complicating factor, and some folks can’t predict their 2021 income after earning less this year due to Covid-related job losses, shortened work hours, or forgoing a required retirement account distribution as allowed under the Cares Act.
“With these unknowns, some planning is about hedging your bets,” says Gretchen Hollstein, a senior advisor at Litman Gregory in San Francisco….
