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(Date posted: November 19, 2020)
Click this button to open a pdf version of 2020 Tax Considerations, if you would like to print and read.
2020 Tax Considerations are categorized as follows. Click any of the line below to jump to the section you like to read.
- Individual Income Tax Provisions
- Trust and Estate Income Tax
- Estate, Gift and Generation-Skipping Transfer Taxes
- Pension and IRA Provisions
- Business Provisions
- Sole Proprietorships, S Corporations & Partnerships Tax Changes
- Coronavirus Aid, Relief, and Economic Security Act (Cares Act) Business Tax Provisions
- Coronavirus Aid, Relief, and Economic Security Act (CARES Act) Individual Tax Provisions
- Illinois Makes Changes in 2019 Affecting Various Taxes
- Things to Consider Before the end of 2020
- 2020 Tax Rate Schedule
- 2021 Tax Rate Schedule
(Date posted: December 3, 2020)
As we approach the end of the year, it’s a good time to think about whether your business needs to buy business equipment and other depreciable property. If so, you may benefit from the Section 179 depreciation tax deduction for business property. The election provides a tax windfall to businesses, enabling them to claim immediate deductions for qualified assets, instead of taking depreciation deductions over time.
(Date posted: December 1, 2020)
Are you thinking about selling stock shares at a loss to offset gains that you’ve realized during 2020? If so, it’s important not to run afoul of the “wash sale” rule.
(Date posted: November 24, 2020)
Small business owners are well aware of the increasing cost of employee health care benefits. As a result, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). Or perhaps you already have an HSA. It’s a good time to review how these accounts work since the IRS recently announced the relevant inflation-adjusted amounts for 2021.