Dear Clients and Friends,

Although you can’t avoid taxes, you can take steps to minimize them. This requires proactive tax planning — estimating your tax liability, looking for ways to reduce it and taking timely action.

To help you identify strategies that might work for you in 2021, we’re pleased to present this tax planning guide. It features many “What’s new!” sidebars summarizing some of the most significant tax law changes that have gone into effect this year, and it notes some other tax law changes that have been proposed. It also provides a refresher on the extensive changes that generally went into effect three years ago under the Tax Cuts and Jobs Act (TCJA) — and their potential impact on tax planning. Finally, it shows how various strategies apply to different situations, and presents charts and case studies to illustrate some specifics of tax planning.

Understanding the ins and outs of recent tax law changes, as well as the TCJA, and determining which steps to take isn’t easy. That’s why it’s important to work with an advisor who understands their complexities and is well versed in the full range of actions you can take to save tax. We can provide the advice you need, based on our deep knowledge of tax law, including even the most recent changes, and our
years of experience in helping clients like you minimize taxes. We would welcome the opportunity to help you map out a tax plan that takes full advantage of all strategies available to you. Most tax reduction strategies must be implemented by Dec. 31 — and some even sooner. So please contact us at your earliest convenience to discuss how we can help you develop a tax plan for 2021 and beyond.

We look forward to working with you to maximize your tax savings.