Now that Trump has signed the spending bill containing the Taxpayer Certainty and Disaster Tax Relief Act of 2020, which contains $900 billion in pandemic relief, there are several tax-related items in the bill that advisors and their clients need to know. The legislation includes a variety of personal income tax planning relief provisions, Jeffrey Levine, Buckingham Wealth Partners director of advanced planning and Kitces.com director of advisor education, said Wednesday during the a Kitces webinar "Coronavirus Stimulus Legislation: What Advisors Should Know About The Latest Stimulus Bill," as well as in a report released after the event. To be fair, "I don't know that there's anything in this bill that I would call, like, earth-shattering or game-changing from a personal financial planning perspective," Levine told viewers. "But there are a lot of things to be aware of here and, inevitably, clients will qualify for one or more of these things, so you definitely want to be aware of what they are — especially the tax ones, because everybody loves paying lower taxes, right? Save the client $50 on taxes and they think you're a hero." See the gallery above for 10 top tax takeaways from the new legislation that all advisors and their clients should know. READ MORE: |
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Jeff Berman
Jeff joined the ThinkAdvisor team as a staff reporter in July 2019. Before joining ThinkAdvisor, he was a freelance reporter for five years, covering mainly technology, business, media and entertainment news for publications including The Miami Herald, Newsday, TheStreet.com, Long Island Press and multiple American City Business Journals websites. He also reported for several consumer electronics publications and was a technology reporter for publications of the Media & Entertainment Services Alliance. Prior to that, he worked as a reporter and editor for Consumer Electronics Daily and other Warren Communications News publications for 15 years. He graduated with an MA in journalism from New York University.
