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Tax and Accounting

What American taxpayers need to look out for when filing taxes in 2020?

(Last Updated On: March 24, 2020)

The Tax Cuts and Jobs Act

The tax cuts and jobs act which was put into effect in 2017 and ushered in some amendments to a bunch of laws. What American taxpayers need to look out for when filing taxes in 2020 is a series to give you insight on the tax filing season.Follow the 3-Part blog series: What American taxpayers need to look out for when filing taxes in 2020? Written by Jean-Désir Fils Click To Tweet My job with this three-part series is to make sure American taxpayers are prepared for the tax season. As I will always mention, this is not tax-advice and if you want to get in touch with a tax advisor; Shngli and FreeTaxPrepUSA has a directory full of them. 

Tax Planning for your tax situation

Even if you’ve already filed your taxes, listen up. You probably feel like you’ve missed the ability to do some tax planning. I will break down in the retirement section, some present and future option. Tax planning can be a bit overwhelming but simple strategies are in front of you. Besides, most of the time an advisor need not apply. Executive and the challenges during tax season. Executives for their respective companies need to pay attention to this series as well. As many of you have read some of the tax deductions are changing; such as now you can only deduct 50% of those dinners to entertain new clientele. No worries you will have some new opportunities to put money back into your businesses bottom line.

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Small Business owners should pay attention to their tax advisors advice more

I’m a Miami based founder and resident, our city ranked 24th in terms of entrepreneurial growth activity according to a 2017 Kaufman Study.

Small-Business-owners-should-pay-attention-to-their-tax-advisors-advice-more

(Photo by Tom Szczerbowski/Getty Images)

When it comes to economic incentives and more, small business owners should pay attention to their tax advisors advice more often. Furthermore, advisors should sit down with clients more often to not only gauge present but future needs as well. Many states and municipalities provide tax incentives to business owners that could change and the city’s economic and social climate.

Retirement planning for you and your family

Retirement is multi-faceted because we now have so many different generations of retirees. Phased Retirement is here, according to The New Rules of Retirements by Robert C. Carlson, a managing member of Carlson Wealth Advisors, L.L.C., he coined the phrase, phased retirement. Phased retirement is where a person in his or her sixties leaves an employer after working for 10 plus years.Phased retirement is where a person in his or her sixties leaves an employer after working for 10 plus years. Click To Tweet This person takes about six months to a year of relaxing or taking on new extracurricular activities before figuring out how they will live the remainder of their lives.

Real Estate for 2020 and beyond

Whether you are in the real estate market as a buyer or investor, 2020 is a year to focus on many facets of the industry. Again, because the Federal Reserve is lowering rates to your local market, let’s break it down. First, here are a few things to keep in mind because of increased interest rates in terms of real estate:

  • Fewer houses on the market
  • Difficulty in financing for less qualified buyers
  • More, just pick up a simple economics book for a refresher

Data in the real estate industry

“There is relatively little rigorous, economics-based focus on commercial real estate development: the actual process of capital formation, where and how financial capital is converted into the physical capital that greatly impacts cities, society, the environment, and the economy.

“A very exciting frontier is to link the economic and financial perspective of real estate development to the physical perspective of the architects and urban designers. We could use the development of both theory and empirics.”  David Geltner Professor at MIT

File Taxes Now

The future of Magnitax and our involvement with taxes

Magnitax.com has partnered with Shngli.com and FreeTaxPrepUSA and other partners to assemble a group of tax advisors to work with business owners in all industries. From tax-preparation, auditing and representation in front of the Internal Revenue Service (IRS), we plan to be there for our clients. If you have any questions, please do not hesitate to reach out to us.

March 12, 2020/0 Comments/by Jean-Desir
Tags: IRS, Magnitax.com, Tax Cuts and Jobs Act, Taxes, US Tax
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(Last Updated On: March 10, 2020)

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What are the basic tax definitions when filing your tax return in 2020? What are some tax strategies for small businesses filing taxes in 2020?
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